gbpjpy 1h xabcd bears short from resistance

🔸Hello traders, today let's review gbpjpy 1 hour chart and see if there any any valid patterns.
This is a speculative xabcd setup in progress, recommended strategy is to short sell from
resistance once we max out near point D later next 1-2 weeks. Right now we are trading
at 163.60 near point B level so no valid entries for bulls/bears.

🔸The xabcd structure is defined by point X at 164.80, point A at 159.75, point B at 163.25,
point C at 158.65 and finally point D at 165.25. Point D is in progress, not confirmed yet.

🔸Recommended strategy in this market: bears should look for price to max out near point D
at 165.25 and look for a reversal trade entry, SL over point X and conservative TP based
on fibonacci of the latest price swing will be set at 161.50, which is +355 pips from entry.

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