6 Days ago, I posted about 3 patterns that could possibly point to a retracement. You can read about it in the Related Ideas section "GBPUSD: 3 POTENTIAL PATTERNS SET STAGE 4 RETRACE".
Well, 6 days have passed and this pair has done pretty much NOTHING! Right now, it isn't any closer to completing any of those 3 patterns but regardless , they're still valid. In that posting, I had also "identified" a possible pattern I deemed at that time "a MUCH TOO Early to properly identify Cypher" pattern since there was not any defined C point yet.
That brings us to this post and the present time where there IS NOW a much more defined POTENTIAL but at a lower level. Prices are now tracing along it's CD leg as of this post. That DOESN'T mean it will complete! Still only POTENTIAL!
There is also a POTENTIAL that has now come into focus. You can add this to the other 3 previous but still valid patterns from the other post! Making that area a very interesting area to look for something short!