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UK Data - GBP/USD, Come to Papa

The GBP/USD has retreated for 3rd sessions in a row so far (although the Wednesday US session is not over yet). 

Jobs Data:

I have been waiting for a buy-on-dip set up in GBP/USD, which appears to be developing. The 7.2% unemployment rate, a tick above the 7.1% from the previous release could have added pressure to the GBP/USD, though the claimant count data beat estimates, posting a -27.6K figure, which means 27.6K fewer citizens applied for unemployment. This does not necessarily translate to employment, but is generally a good thing for the economy.


Looking at the cable, I am just thinking: come to papa!



I continue to wait for the daily stochastic to complete a bearish cycle toward 20 and price to either settle around 1.66 or fall toward 1.65 before going in the 4H chart for an entry.


(GBP/USD daily chart: click to enlarge)

Is anyone trading the current dip? If so, what is(are) your target(s)?