GBP/USD 26 JULY 2012

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

We are still waiting for an established  B swing low to form since we broke the B low yesterday.

FOR TODAY:

We then need to wait for a retracement up to the 618/786 of this swing for a short entry.

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

SHORT: Will be going short only IF:

We need price up at the 618/786 followed by a clear bearish cs formation for a short trade setup, but first we need to wait for an established B swing low.

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:

No long trade setups at present.

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