Well looking at GBP/USD tonight I believe we will retrace to the R1 level which is confluence with the 55 ema on the hourly and the 21 ema on the 4 hour. This level also is confluence with the 23.6 fib retrace level. If price retraces to this level and falls we should look for a rather nice ride down. I took a little profit 20 pips on my trade last night and am looking to get short again when price retraces. I have placed a short at 1.5940 with a stop at 1.6060 and a target of 1.5770 for a 170 pip profit. Let's see?
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