GBP/USD - follow me on twitter @fxdailyforecast
Price gave us the bearish cs formation we were looking for yesterday, fell a bit and then bounced to take out our stop for a 38 pip loss. We could not immediately go long since the stop on the bounce was too big.
FOR TODAY:
Price has now reached the 5928 target set a few days ago. We have not taken the level out significantly as yet, so a bearish cs formation at current levels will initiate a short trade setup.
A sustained break of 5936 will open the upside.
SHORT: Will be going short only IF:
We did get another bearish cs formation from current levels and we are short currently as of 06h00GMT, telling us that the level is holding, this will probably drive price lower. Stops above the high of the cs formation.
If we don’t get the setup we are looking for then we don’t trade.
LONG: Will be going long today only IF:
We get a dip and a bullish cs formation, maybe at yesterday’s lows around 5800, or lower down. Place stop below the low and limit out for 70 pips.
If we don’t get the setup we are looking for then we don’t trade.
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