GBP/USD -
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Price took out the 5634 high but then pulled back,. The
US rally tested the highs again without taking it out. Today we will look for
price to continue up.
FOR TODAY:
We need 5650 to break on a sustained basis to open the
upside. We expect price to retrace and maybe even test the US lows before
resuming the rally. Look to buy after dips followed by bullish sc formations.
Shorts are considered higher up at the 618/786 after
bearish cs formations.
If we don’t get the setup we are looking for then we
don’t trade.
SHORT: Will be
going short only IF:
Short trades are considered higher up at the 786 of this
swing. We will need a really clear bearish cs formation at the 618 to consider
a short since its close to the 5650 break. Look for 786 to offer resiatnce
rather.
A sustained break of 5777 opens the upside again.
If we don’t get the setup we are looking for then we
don’t trade.
LONG: Will be
going long today only IF:
Buying after a dip followed by a bullish cs formation
will be the preferred strategy. We look for price to extend towards 5720 over
coming sessions. Place stops 10 pips below the cs formation, limits at 5715.
If we don’t get the setup we are looking for then we
don’t trade.
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