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2014/05/15 (Thursday) Price Action

FX:GBPUSD   British Pound / U.S. Dollar
17 0 0
With previous moves up in mind we have to look at today in relation to the weekly view. We are near or even on the 50% of the last couple of month’s movement. We may see an inside tomorrow as people reconsider the short positions however.

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We may see long signals early to mid-next week if the press further down is met by further hesitation. If we see a clean inside bar tomorrow and a false-break toward the same 50% retrace as today on Monday close we could have on an entry signal for long.
If we see any further upward attempt and more rejections I will not look for any trades with this pair until downtrend is established.
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