GBPUSD is about to break out of its short term structure. I favor a bullish move to test at least 1.455 but we have to keep an open mind and trade what we see. So I'll either be looking for 1.455 or 1.43.
If we see a break below yesterday's low I will not be looking to buy anymore until structure tells me differently. If we see that happen, I need at least a new impulse higher and consolidation for a buy. On the other hand a bearish break and continuation is very likely because we are in a consolidation of higher degree, however I prefer to see a more significant consolidation first, hence a short term buy opportunity first. I will update a potential sell trade later today.
Comments
SamehAnwerMohammed
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I dont know I am right or not .
TimStuyts
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Yes looks good, But on the other hand a rejection of the potential break followed by a bullish break means a buy trade. I still favor a bullish move but we will see.
LukaszMosinski
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it breaks now
TimStuyts
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trend lines are for visualization. keep an eye on structure (impulse-consolidations) so what I do is entering after a minor consolidation after an impulse. This can be done both before as after the break of trend line as long as you manage your trade well.