$GBPUSD - Sell Bias Setup - Sell at Breaker Clear the LowThe picture is pretty self descriptive. The next daily bias seems to be heading toward the direction of selling. There are many daily lows stacked up ready to be broken as well as an equal low setup just prior to the previous daily lows. I think during the Asian session we'll see Cable range but create equal highs and lows that it will want to break to creating a breaker that will propel it to the current breaker. I'm seeing the same Bias in EURUSD as it seems to be struggling to create a higher high.
The current swing high in GU was formed from a previous breaker but the low has yet to be cleared. To be honest it could just keep going lower without pulling back for the set-up. But if it does pull back to around 1.30995 I will be looking to sell with about a 40-50 pip stop loss, but it should gain over 100 pips to break the low so well worth the risk to reward. But I like to peel off profits in case it does not get to my target so I have planned 3 TP zones and depending on price action will depend on how much I move my stop loss and where. Will be giving updates as I continue to watch this setup unfold.
Edit: The S/L Depicted in the graph may be too tight. I may loosen it back to 1.31500 depending how the market is reacting. I don't want to go above the prior swing high of 1.31757 because if it breaks that, it's more than likely going higher.
There could also be a lower sell at 1.30787 in which it may not get higher as that is another bearish breaker. Just another thing to watch for in this setup.
