British Pound

There's a potential buying opportunity developing in the Sept 05 British Pound futures market.  The recent uptrend off the 4/10/15 low has a measured move pattern with a shallow retracement, which is bullish.  However, it has 2:4 left handed skewing (2 bars down, 4 bars up), which means it has weak upward momentum.  That's why we are seeing a pullback off the recent highs of 5/14/15.  This pullback has formed it's own measured move pattern with a medium deep retracement and 2:2 neutral skewing (2 up, 2 down).  This is exactly the type of retracement we want when considering entering on a pullback.  The buy zone is roughly between 1.5234 and 1.5338 with stops below 1.5074.  The most conservative target is around 1.5953 with a few more aggressive targets higher. 

Some entry ideas with stops @ 1.5073 and intitial target of 1.5953:
#1: enter long position within this buy zone of 1.5234 to 1.5338...example: avg of zone @ 1.5286
#2: enter long position above the high of the most recent trading day within this buy zone....becomes open order tomorrow
#3: wait for candlestick pattern to form within this buy zone....none yet