GBPUSD
Short entry. (See Chart). Cautious due to substantial risk of a corrective pullback. I'm selling on pull backs.
Per my previous post/charts (GBPUSD - Expect Further Downside Pressure...), I believe there is still more to the down side. A move above 1.4566 would invalidate my analysis.
Trade closed manually:
Closed trade for a reduced gain. Original T.P. was not reached. Saw evidence of bullish corrective move on on 1hr chart.
Comment:
Unless 1.4565 resistance fails, I am still expecting further downside Mid-Term to Long-Term. BUT, GBPUSD has already had a substantial move down. Short-term, there could be a substantial corrective move up. Currently, there is a good risk/reward short-term long entry. I'm evaluating the trade now with a TP at ~1.4350.
