GBPUSD watch for break

10 May 2016

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.

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12 May 2016

Not

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.