GBP/USD -
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Price fell on Friday and overnight, we are shy of the A
low on this pair.
FOR TODAY:
We are in buy territory, but will wait out today to see
if we get a bullish cs formation that holds. There is a chance that we might
break the A low starting a reversal on this timeframe. If we find support here
today then we will wait for a test tomorrow, else a break opens the downside.
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 set-ups today.
If we don’t get the set-up we are looking for then we
don’t trade.
LONG: Will be
going long today only IF:
We get a bullish cs formation from current levels, but if
we do get a bounce it is preferable to wait for tomorrow to get a test followed
by another bullish cs formation as confirmation.
A sustained break
of 5553 negates this view and opens the downside.
If we don’t get the setup we are looking for then we
don’t trade.
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