leszekstanislaw
Long

GBPUSD -> Bat->Cypher->Bat, arguments to go long

FX:GBPUSD   British Pound/U.S. Dollar
Hi all,
GBPUSD             looks quite interesting in terms of harmonic patterns .
  • There is really big bat (purple), which was complete (at least to B point - see purple line).
  • There is also Cypher pattern (blue), which is ongoing.
  • And there is also another pattern - potential bat (red) - but everything depends on what price will do.
Support/Resistance zones are in grey boxes - there are around round levels - 1.55 and 1.57.

Generally patterns are stronger if these are confluenced with strong S/R zones.

Regarding Cypher - tool from tradingview does not work well for this, you need to use fibonacci extension tool, starting from A to X (not from X to A), then if 127.1% is confluenced with top (or bottom) - you can think about this potential pattern.

More about Cypher -> http://simplychartpatterns.com/harmonic-patterns/cypher-patterns/
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