GBPUSD short, to create new higher low

FX_IDC:GBPUSD   British Pound / U.S. Dollar
Cable has been in a upward rally since my last post on this pair, as I did at the time show why that might occur.

After creating a higher high for the pair, I am expecting to see a new higher low. This low is where I would look for possible LONG moves if price action does in fact establish it as a new higher low.

The highlighted area is where I will be looking for a LONG. It is confluent with a third touch of the ascending trendline , along with a touch of the 200MA on both the DAILY and H4 time frame, thus acting as a strong support. Moreover, it also is around the 50%fib, thus overall an important area to look at for a possible move.

If this zone is broken, with strong bearish momentum, then a short play may be considered. But that can be analysed nearer to the time, since currently this pair has a bullish bias.

At the moment price is in my picture is floating in no man's land without any real direction, therefore it is best to wait for price to move in the zone highlighted for a trade. It is best to wait for high probability set-ups because, in this case, price may even rise from the current level. It is better to trade when there is less uncertainty and to let a trade come to you.

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