Kumowizard

GBPUSD - Take profit on shorts

FX:GBPUSD   British Pound / U.S. Dollar
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The strategic direction remains bearish , but there are multiple signals which indicates we may see some pull back from these levels.

Daily: ADX topish, turning down a bit, while DMI lines started to converge. MACD and Slow Stoch turning bullish together. These indicators gove a good chance for a pull back, maybe to ard 1,6750-1,6800.

4 Hrs: Weak Tenkan/Kijun bullish cross. Some small double bottom followed by consolidation. This will likely continue for some more time, counter trend can start only with a break above 1,6650.
Daily MACD and Slow Stoch both gave clear buy signal. Possible daily tgt for pull back is ard 1,6750. Idea: watch 4 Hrs chart for entry signals for a swing long trade. DMI-ADX initially looks supportive. rRade size should not be more than 1 unit based on your risk management. Important to see higher highs. Strict stop loss at 1,6525 the lowest!
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Kumowizard Kumowizard
To make it clear, the signal indication now is ONLY close or reduce shorts in GBPUSD, not yet a firm signal for the counter long!
Don't forget: the major trend is bearish! The better risk reward trade will be a sell at Daily Support levels. That's why we always trade swings with smaller units and tighter stops.
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