GBUSD 2 AUGUST 2012

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

We are still in the bullish AB swing on this pair, price reached the 786 overnight.

FOR TODAY:

We are looking for a test of the 786, or lower down while inside the A low, followed by a bullish cs formation for a long entry.

If we don’t get the set-up we are looking for then we don’t trade.

SHORT: Will be going short only IF:

No short trade set-ups until we start the reversal process.

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 are looking for a test of the 786, or lower down while inside the A low, followed by a bullish cs formation for a long entry.

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