GBP/USD 8 AUGUST 2012

PLEASE SEE MESSAGE AT THE TOP OF TODAY'S BLOG AND THE POLL ABOVE.

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

Price bounced off the 86 and has also bounced yesterday, we might be having a test of yesterdays low followed by another bullish cs formation.

FOR TODAY:

While above 5564/46 we will be looking to buy after dips followed by bullish cs formations for limits set at 5697. 

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 trade set-ups.

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

LONG: Will be going long today only IF:

While above 5564/46 we will be looking to buy after dips followed by bullish cs formations. Place stops 10 pips below the low of the cs formation, max 1% risk, limits set up at 5697.

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