GBP/USD 29 JUNE 2012

GBP/USD - follow me on twitter @fxdailyforecast and stocktwits.com/fxg

Price broke the B low in yesterday’s trade, then railed to take out the A high in the last hour doing a bullish reversal on this timeframe again. We are now having to wait for a B high to form.

FOR TODAY:

No trades considered until we have an established B high in place.

If we don’t get the setup we are looking for then we don’t trade.

SHORT: Will be going short only IF:

No short setups, we don’t have an established B high in place.

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 trade setup, we don’t have an established B high in place.

If we don’t get the setup we are looking for then we don’t trade.