TomHall
Short

GBP.USD - BEARISH CYPHER SETUP - 1.2474

FX:GBPUSD   British Pound / U.S. Dollar
On the GBP.USD 1hr chart we have a potential short opportunity at the D leg completion of bearish Cypher setup.

The price reversal zone on this pair is between 1.2474 & 1.2504
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.

Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets at around 1.2380
Stop loss would be placed above X leg structure resistance .

Target 1 - 1.2430
Target 2 - 1.2405
Comment:
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Hi Tom did that spike count for completion , or will it go back up and then come down again??
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Hi Tom, Any comments on this setup? Is the setup still valid?
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@T333sd, Still currently valid, however we do have another pattern just above which i will post in a couple of moments.
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Shaqrani23 TomHall
@TomHall, do you have any ideas if this will become invalid due to hawkish news later?
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TomHall TOP arif_awan
@arif_awan, Very nice setup.
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arif_awan TomHall
@TomHall, thanks Tom
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Nice, I also see a bat pattern in this chart
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TomHall TOP dinnersticks
@dinnersticks, Feel free to post it up :-)
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@TomHall, Thank you Tom, appreciated. That bat had the same X & D as your cypher here but I would say it got invalidated since X got violated. This is why I didn't draw it in my idea.
But your cypher might still work out for those who took it depending where their stops are. goodluck!
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