2018Mar26 GBPUSD H4 Bearish Cypher

A bearish cypher has formed for GBPUSD. Price entry at 1.41484 is guided by a close of a red candlestick which completely engulfed the bodies of the previous 7 candlesticks. Take profit targets are at the 38.2 and 61.8 Fibonacci retracement of the CD leg. Stop loss is set at the same number of pips as TP1.

Trade Setup: Bearish Cypher
Price Entry 1.41484
SL 1.42556 | SL pips 107.2
TP1 1.40412 | TP1 pips 107.2
TP2 1.39513 | TP2 pips 197.1
RRR1 1.00 | RRR2 1.84
Status/Remarks: TP1 hit!