With the possibility of a rate hike in the UK decreasing on poor economic data, and a decent NFP print out of the US I am now looking for counter-trend trading ideas to the downside on GBPUSD .
In the short term however we have two bullish Cypher Patterns forming.
The first is due to complete right around the 1.30000 even handle and I will be targeting a retest of structure at around 1.31000.
I will then be looking to short to around 1.29000 for the second Cypher Pattern completion.
Long back to previous structure then down to 1.28200.
Boom.
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Looking for a reasong for entry within the black box: