fx1
Long

Bullish Cypher entry along trendline

FX:GBPUSD   British Pound/U.S. Dollar
101 0 0
On 4 hour chart the cypher pattern is forming which has D near the trend line (in Black).

If the price comes down steeply then order @ .786 can be filled with respecting the trend line .

If price falls sidewise then entry @ .786 may fall below the trend line and may suggest downward move with price not respecting trendline .

X2C Fib Retracement of .786 @ 1.54038
B2A Fib Retracement of 1.272 @ 1.54134
Comment: Correct - if price falls sideways then buy limit order of .786 may not be filled.

Correct - it may fall within the gradual increase along the trend line as the price moves sideways.

Correct - it doesn't suggest downward move as long as trend line is respected even when the price moves sideways.
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