GBPUSD: 4 Hour cycle is bearish against 6/24 (1.5018) peak

Short

British Pound / U.S. Dollar (FX:GBPUSD)

Updated

FX:GBPUSD British Pound / U.S. Dollar

1 hour cycle is bearish against the 7/14 highs at 1.3481, and 15 minute cycle remains bullish against 10/6/2016 low (1.195). Pair ended cycle from 3/14 low and while bounces stay below 1.297, pair has scope to turn lower again 1 more leg to correct cycle from 3/14 low before turning higher again. I prefer to stand on the sidelines.

Comment:

trade moving the way we anticipated

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