GBP/USD – HOURLY CHART
Price gave us a bearish failure yesterday at the BF786 and fell down to our target overnight. We now have a new bearish AB swing, having taken out support and starting the reversal process again. We have to wait for a new B though, which as at 05h00 GMT, is at least an hour away IF this low holds, we can only sell a 618/786 after a bearish cs formation, or buy a BF786, after a bullish cs formation. Both are far away at present.
SHORT: Will be going short only IF:
We get to the 618/786 and get a bearish cs formation. Trade the 618 for a limit of 60 pips, and the 786 will be a PT to the BF786. But since we don’t have a B yet, this might be a good few hours away, probably not today anyway.
LONG: Will be going long today only IF:
We first need a B to form before we can draw fibs, once we have that we need a shallow bounce at least and a test of the low via a BF786. This is a few hours away at least since we don’t even have a B low yet.
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