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Thomas Long, Course Instructor

The rally off of the May lows measured about 1000 pips, so waiting for the sellers to come back into market before selling is the preferred approach. To me, that would be a move down through the 1.49474 low as noted on the 4-hour chart below. Traders could sell on the break down through that level and place their stop above the high or just adopt a bearish bias on that move and look for sells on the shorter time frame charts.

gbp cotd 720


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