GBP/USD – HOURLY CHART
The bounce at the BF786 failed yesterday, with price continuing down resuming the downtrend. We now have a new bearish AB swing in play. We need to wait for a 618/786 and a bearish cs to sell, or a BF786 to buy.
SHORT: Will be going short only IF:
We get to the 618/786 of this AB swing, which for now is far away. Once/if we get there, we can only sell after a bearish cs formation.
LONG: Will be going long today only IF:
Price hits the BF786 and gives us a bullish cs formation , trade this for 60 pips since it’s a shallow bounce.
NOTE: The BF786 long trade on the daily has also now been negated with price having taken out the B low.
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