(GBPUSD) Thu, 17 November 2022 Setup 3

GBPUSD

GBPUSD Short bias.
Status: Opened short position

What do I see?
- Building Permits Prel and Housing Starts created a bearish response.
- Daily potentially gonna go for a huge pullback.
- The bulls are eaten by the bears, you can see the 1.18222 - 1.18526 support level be broken. It is aspected to go for a huge downtrend.
- USDCHF starting a new bullish trend

What I would do?
- Hold the position as long as possible, and look for confirmation to go break even.
- Existing Home Sales report tomorrow would be the final decision for the market direction. I would go break even or add more positions based on the report result.
- If the SL got hit, I'll reenter the short position again and seek confirmation.

Happy Trading! Good luck!