FX:GBPUSD   British Pound / U.S. Dollar
161 0 5
New pattern forming please be patient. The start of a new descending channel is forming. 31 year low is currently resting at 1.2789.

For the following setup I'll be looking to buy at 1.2850 and 1.2800.

I honestly wouldn't be surprised if there were a fake breakout to the bottom before the reversal comes to light . Market makers will move price to stop out all the novice traders. If this happens look to buy again on the pull back. My stop is for 100 pips. This will not be a walk in the park so be weary if price does not reverse we could be looking to target 1.2500 to the downside.

http://fxjunkie.net
Trade active: Entry Price 1.2850 Reached
Trade closed: stop reached: Stop reached. Not a bad thing. Now lets wait to see if this will be a fake brake out or not. wait for consolidation if looking to sell
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