Kumowizard

GBPUSD - Is correction possible?

FX:GBPUSD   British Pound / U.S. Dollar
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Daily: Main trend is still bearish , but MACD and Slow stoch gave buy signal same time, so a correction is possible. In case a pull back happens, initial tgt could be somewhere ard 1,5880.

4 Hrs: Price entered Kumo, Tenkan/Kijun is medium bullish , Chikou is above Price candles. ADX dropped below 20 with a zig-zag DMI, which now rather looks like a buy. Future Kumo is just making a bullish twist. All in all the picture is neutral on this time frame, but it has some bullish bias and small chance that some counter bullish move may happen later.

Recommendation: Close shorts, and watch for a possible counter long. Given the daily trend and support line the upside of the swing trade can be limited, so maybe a cautious buy now or on dips later with a stop below 1,5655 is not a bad idea, as gives better risk reward than waiting for the 4Hrs Kumo breakout. In this case you have to decrease your initial trading size. Play it according to your risk profile and money management system.
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