Hi Traders,
This trade set up is for GBP/USD based off of the 4H chart.
Now we can see price action failed at the 61.8% Fib level on 3 occasions over 2 days. This failure supports the theory that price action is simply taking a break from moving up after a long period of gains.
The market appears to be rejecting any further decline past the 61.8% fib level...
Potential downside set up with poor US news being the catalyst for a correction from wave A - B (50% fib 11912 area) for a resumption of the down trend towards wave C (monthly resistance at 11720).