TradeTheIchimoku
Short

GBP/USD - Clearer DIrection?

FX:GBPUSD   British Pound / U.S. Dollar
289 0 3
Having been at a pivotal point at the end of last week, we can see (on the daily chart ) that price conclusively broke below the kumo and I expect a longer-term downward trend. First, we can fully expect price to try and rally to retest the 1.6875 - 1.6890 area from beneath (this area is also confluence with the Kijun on the shorter 4H time frame that I trade off). My money is on a bounce off these levels to the downside. I've set my trap at the 1.6859 area (about a 2/3rds retracement of Friday's candle) to try and get in with a better risk reward ratio and then targeting the 1.6727 area as a first target. Stop would be somewhere between the current Tenken and Kijun lines on the other side of the Kumo.
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