GBP/USD
We got our BF786 trade yesterday after the bearish cs formation, limited out at 60 pips.
Price then fell and took out the A low starting the reversal process. We now have a new AB downswing in play. We need price higher up for a sell and at the BF786 for a buy, both after confirming cs formations.
This might also be the lower top in place at 6474, a bearish entry here can also be kept until the 6104-786, or the bigger 5927-786. This will be a PT over several days.
SHORT: WILL ONLY BE GOING SHORT IF:
We get price up at the 618/786 and enter short only after bearish cs formations. The usual limits are 60 pips at the 618, and a PT on the 786 down to the BF786, or we can PT down to the levels shown above, this will be over several days, maybe even a week or two.
LONG: WILL ONLY BE GOING LONG TODAY IF:
We need price down at the BF786, then bullish cs formations confirming the U turn. This entry will attract a limit of 60 pips since it’s a shallow bounce.
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