akhostov

GBPUSD: Broke the Wedge Now a Cypher in Progress

FX:GBPUSD   British Pound / U.S. Dollar
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Going through many charts. Don't think I ever published these many ideas in one day.

This is my idea for the GBPUSD             . We have broken a Rising Wedge Pattern that I missed. Currently the pair is retesting the wedge pattern trendline support (now resistance; red solid lines). We will probably see a continued drop down to structure at 1.531. If I were to enter this trade, then I would wait for a break in structure because this will raise the alarm to me that we are now going on the bearish trend we have seen lately (look on the daily chart ).

The pattern completion is shown in as a pink arrow and corresponds to a 0.618 retracement of swing low to swing high. I plan on taking my first half out at a level higher (below the 0.5 retracement) because I have identified a level of support at that area (blue dashed line). This could be a place for a reversal our short retracement.

My second target though is based on the Cypher pattern completion. This, to me (and I could be 100% wrong), is a highly probable scenario. Why? Because:

(1) Pattern completes at a 1.414 BC             completion
(2) Structure is spot on at this level! Not just on the 1hr timeframe but also on the daily chart as well

Now, we can have the situation where the pair decides to continue the overall downtrend. In that situation, we could possibly see a continuation all the way down (in the long-run) to the 1.48384 level (previous support).

Trade wisely, Trade responsibly.

Comments/Suggestions are always welcomed.
what is your thoughts at the moment?
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