surefire-ltd
Short

Cypher countering previous Gartley

FOREXCOM:GBPUSD   British Pound / U.S. Dollar
Following on from the winning Gartley yesterday we can now see a bearish Cypher set up with some strong indicators adding credibility to the trade. In order to become a losing trade it must first break through some heavy resistance and RSI shows a paid that is already looking over bought. The bearish direction of this cypher set up would follow the longer term trend on the higher timeframes and with a poor GBP sentiment in particular at the moment I struggle to see a significant upside to the cable particularly with most US data in recent days falling within expectations.

Good luck
This trade has now hit both targets. Interestingly it has come back to within the previous trend channel. If it honours the previous price movement this may see a drop to around the 1.330 mark
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There is also a smaller bearish gartley which completes almost at the same point. The price is currently nearing stops but dependent on your rules you have two trades with a bearish bias. All in all it looks like a high probability set up.
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