Michele_Pierro
Short

GBP/USD - Cypher formation Pro-Trend

FX:GBPUSD   British Pound / U.S. Dollar
Hello everyone!

There is a potential opportunity here on GBP/USD             , when the cypher will be complete.
On the Daily timeframe (sx) we can see the price go through some important support levels, and one of them, now turn to resistence, will be in the area of the cypher's D point. We also broke the last one on our left, and that is a possibile confirmation that the price want to go lower.

On the 4 Hour timeframe ( dx             ) we can add some extra filter to the Cypher .
We have the 38.2% of the last impulse move on the Daily timeframe , plus 2 extra filter on the 4 hour:
A Fibonacci extension of A-B and an inversion of B-C, all pointing in the same area.

We can use the PRZ for a trend continuation trade, based on the daily analysis , or we can just trade the cypher in the "classic way" with a first target at a 38,2% and the second at 61,8%.

What do you guy think?
Trade active
Comment:

First Target hit!
Trade closed: target reached: Reached the second target (61,8%)
Le idee sono frutto di studio e backtesting personale.

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