There is a possible bearish cypher for EURGBP. D completion is at 0.87843 which is the 78.6 Fibonacci retracement of leg XC. Upon confirmation of a bearish bias, I will start selling at around that level. Take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg CD. The stop loss has the same number of pips as TP1 by default. Tentative details are as follows:
Trade Setup: Possible Bearish Cypher
Price Entry 0.87843
SL 0.88022 | SL pips 17.9
TP1 0.87664 | TP1 pips 17.9
TP2 0.87553 | TP2 pips 29.0
RRR1 1.00 | RRR2 1.62
Trade Setup: Possible Bearish Cypher
Price Entry 0.87843
SL 0.88022 | SL pips 17.9
TP1 0.87664 | TP1 pips 17.9
TP2 0.87553 | TP2 pips 29.0
RRR1 1.00 | RRR2 1.62