GBPUSD: POTENTIAL Bullish Cypher May Signal Small Retrace Now

There is a POTENTIAL bullish cypher setting up now. This cypher may signal for a small retracement of the recent move up.

If you can see my wave count, the recent move up could be complete at 1.58268and now will head down for a bit. If it does complete the cypher, that will be another good entry point for another LONG position for the wave c (pink line).

Wave c is the third leg of the abc pattern and is also the CD leg of the bat pattern (blue). Wave c will unfold in 5 waves with the current move up being only the 1st of the 5 waves. The cypher could be the wave (ii) of the 5 waves. So when that finishes, we're possibly looking at a wave (iii) which of course, is the wave that presents the most opportunity for profits.