GBP/USD 18 JULY 2012

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

Price also bounced off the 786 yesterday and we are also at the BF sell area.

FOR TODAY:

Failure from current levels will signal a move down to the A low. A rally and a break of 5677 will open the upside.

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

SHORT: Will be going short only IF:

Shorts will be considered after a clear bearish cs formation from current levels, or while inside the B high.

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 can buy after dips followed by bullish cs formations.

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