GBP/USD 19 JULY 2012

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Price tested the bullish cs formation of the previous day but failed to clear the high.

FOR TODAY:

Failure from current levels while inside the B high 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 heading for 5677.

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