There is a potential move to the downside on the 4 hourly time frame. This one looks pretty obvious to me with the Cypher pattern and trend break in the vicinity together with confluence on the pound. Many traders will put their stops in the same place so there is a possibility that the price may spike up a little past 1.07800 before falling back down therefore it is best to wait for confirmation on the lower time frames (1hr/15m) before selling. This approach will also improve R:R.
There is around a 4:1 R:R on this and around 150+ pips to be had if we can catch it. Use good money management and best of luck!
There is around a 4:1 R:R on this and around 150+ pips to be had if we can catch it. Use good money management and best of luck!