GBP/USD DAILY FORECAST 8 JUNE 2011

ABBREVIATIONS

cs – Candle stick

PT – Position Trade

BF – B Failure

C786 – Counter 786

`

GBP/USD – HOURLY CHART

We are in the bullish AB swing that formed yesterday, bouncing at the 382 during the Asian session. If we get a bearish cs at the BF786 we will short with a 60pip limit. For long trade entries we need price down at the 618/786, with the 618 entry having a 60 pip limit and the 786 entry will be a PT to the BF786.

SHORT: Will be going short only IF:

We get a bearish cs formation after hitting the BF786. Trade this for 60 pips since we would have had a 382 prior bounce.

LONG: Will be going long today only IF:

We can only look to buy at the 618/786 fib levels after bullish cs formations. The 618 entry will limit out at 60pips, and the 786 entry will be a PT to the BF786.