GBPUSD Long Setup

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GBPUSD

GBPUSD has been on a 14 day decline, but last week we saw where market failed to break through weekly support at the 1.270 level, with a bullish pinbar being formed with long wicks, rejecting lower prices. The AB=CD pattern has played out and a bullish candle is now in play. Traders can look for a 30 pip short position, anticipating a retracement back down to the 50% / 61.8% level on fibs, that is the area in which I will be looking to enter long. There is a possibility that price may continue moving upwards without the retracement, or we could also see a continuation of the downtrend.