Will there be a Famous Bull Trap in the GBPUSD @ 1.645

 AS you can see on the daily Chart we are still within the Poseidon trend line and the upper half of the Bollinger Bands. Informing us that we are still Bullish untill 1.600 is broken
so although we will remain short in the short term I will be positioning myself to go long within the 1.605and the 1.600 Zone area.If there area is not broken.

The 240 chart is telling us that we had a butterfly sell last week which i did say however although we are outside the poseidon trend line we have not yet broken the warning line at 1.605 and we are still above the 100DMA moving average where i expect anther push from this area with the 4hr stochastics turning up. This will pull every one in who is not aware of the ending of the 5th wave setting us up from a famous Bull trap in the Pound.

We also have C 261.8% projection from the pervious ABC which could still be in play.

However we shall remain short with caution watching for a possiable break 1.6000 to confirm the move south wards.

Hourly Chart

Prices will need to stay within the 100D and hold 200DMA on the hourly time frame and not break the Warning Line then rise up into the upper half of the Bollinger Bands before we initiate ant longs

A break of 1.600 and the zone area will confirm the Southward Move dwn to 1.575

Good Luck :-)