tommyb35
Short

Bearish Cypher Pattern

FX:GBPUSD   British Pound/U.S. Dollar
There is a potential Bearish cypher pattern that is going to potentially complete at 1.31282. There are a couple of options that you have for taking targets with this setup. Since the gbpusd             has just broken structure to the downside, we are in a bearish trend on the 1 hour time frame. So you can take the traditional target 1 and 2 at the 38.2 and 61.8 fib retracement (Red & Green on the chart). Or you can play this as an entry for a trend continuation trade and take target 1 at a retest of structure lows and target 2 at a 127.2 fib ext. (Black & Blue on the chart.) However you decide to play it, follow your plan. Good luck and good trading. Here is also the Link to the advanced pattern training video i put out.
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