6.1.8.Family
Long

A Potential Buy Opportunity On GBPUSD At Potential Cypher Comple

FX:GBPUSD   British Pound/U.S. Dollar
After the complletion of the Bat Pattern last week, bears came crushing the bulls. However, the momentum of the selling pressure is decreasing shown by the colour differentiation in the candlesticks. This potential bullish trade does provide a lot in terms of technicals:
1. There is a hidden divergence in place which indicates a trend continuation.
2. A potential bullish Cypher Pattern .
3. Support zone, price came testing this structure zone, then resistance turned into support now, prior to the break through by bulls indicated by the yellow squares labelled 1,2,3.At 2 bulls were not even aloud to test the resistance level.
4. Prior to the Cypher Pattern there will be a potential bullish AB=CD pattern , However, where I will be interested in this trade is at the bullish Cypher Pattern completion.

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