The midpoint of a large coincides with the prior high @1.6259, making it a logical TARGET, although resistance is also likely at the intervening WLs. I suspect neither the BoE or FED would be happy with it breaking out above those highs, so resistance there could be fierce.
If there's no flush down, ENTER at the paler blue sliding parallel (@~1.618; 6:1 RRR ) if it makes it to the prior high - though two WLs, and a couple of SPs I haven't marked could present resistance and/ PROFIT TAKING opportunities. STOP @ WL (~1.615)
On a flush, the current WL could be an ENTRY point, allowing a margin for error (perhaps @1.615). STOP just below flush low.
Anyway, I'm just making this stuff up ;) Best of luck!
1) Is the low at 1.614 going to hold? I have a bad feeling about it, but it is possible.
2) How is the pound going to fare against the euro? If the high at 0.8495 gets taken out, the pound is probably going to weaken across the board.
Other than that I am bullish about GBPUSD, looking to enter long somewhere around 1.606.
In word: there's a $1m order at 550, and a $4m order at 545. Sellers sold at market taking out the $1m order about *17* times in one second (16.37.27 - I guess EST?). EACH TIME, a buyer/buyers reinstated the order at 550. Buyers eventually came back making market buy orders then bidding at higher levels, the sellers retreated to 575, with a 8m total ask orders there. That was bought down to nothing in 15 seconds, and by 16.38.43 bid ask was 595-600. (Next screen; I'll post it if you like.)
I'm still trying to figure out exactly what the different 'constellations' on the tape mean, but I've noticed something like that before, and, I think that is what resistance looks like.... So I think 16.1550 is pretty solid for now. Maybe if it gets hit a couple more times the sellers can exhaust the buying there though. I guess news could change those buyers' minds too.
1) you're right with the DIRECTION,
2) know what your RISK is and
3) know when to EXIT ("know when to run").
That's why I: follow the force (ie. big trend), risk 1% on every trade and... run with the profit I like or the loss I don't like. :-)
I'm figuring out (/trying to) the next steps at the moment :p