GBP/USD
Sterling also gave us a bullish cs formation after a test yesterday, but that also failed with price taking out it’s a low, starting the reversal process on this timeframe. We now need the new B low to get taken out to confirm the downtrend in place.
FOR TODAY:
We will be looking for short trade set-ups higher up in the AB swing. This is a big AB swing we have on Sterling, with the A up at 5779.
SHORT: Will be going short only IF:
With the 618/786 being way up at 5653/5709 respectively, we are looking for past support to become future resistance at 5520/30, and the 382 at 5576, if we get a clear bearish cs formation at these levels we will look to go short.
If we don’t get the setup we are looking for then we don’t trade.
LONG: Will be going long today only IF:
No clear swing highs in place at present, so probably no BF786 long setups in today’s session.
If we don’t get the setup we are looking for then we don’t trade.
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