Apparently ITD 9 is coming late as GBP is still rising up as USD is under pressure across the board. In my past post, I mentioned a possible price level target with the use of the parallel trend line channel. Currently, GBP is close to the top of the trend line channel.
I am looking to short at the top of the trend line channel at 1.537 - 1.538 with a tight Stop Loss at 1.5415. This setup however would only be valid on Monday. If price doesn't reach 1.537 on Monday, I would remove this trade as the trend line channel is sloping upward. If this trade is executed, and if my stop loss is taken out, I would just wait patiently until I see a solid reversal signal.
Looking at Dollar Index chart, as I said in my previous post, we are now moving nicely in wave C targetting 50% fib around 80.5. However, we are currently at 38.2% fib with a trend line support, so there could probably be a temporary rebound of some sort before USD continues to weaken.
