GBP/USD – HOURLY CHART
We are still in the bearish AB swing on Sterling. Price rallied to the 786 and limited us out on Friday. Today we will wait to see if the BF786 gets tested again, or if price rallies off the 618 where it currently is, or if the bears take out the lows.
SHORT: Will be going short only IF:
Price gets to the 786 again and gives us another bearish cs formation, trade this to the BF786 as a PT. Else if the B low gets taken out today we have to wait for a new B to form, then a pullback to the 618/786 and a bearish cs formation to short.
LONG: Will be going long today only IF:
We need price to hit the BF786, then give us a bullish cs formation. If this happens that trade will be good for a PT to the A high since we would have had a 786 prior.
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