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Expect a momentum towards 1.27735

Expect a momentum towards 1.27735 | 11 July 2017

11 July 2017, GBP/USD

Expect a momentum towards 1.27735

Wave Analysis:

During the previous trading day, the cable opened at 1.2875, went as high as 1.2903 and as low as 1.2877 but ended up closing at 1.28810, just a few pips above it's daily opening price. The previous day's candle is a perfect indecision candle and could mark a possible bearish continuation signal. That said, during this intraday, we expect a possible bearish impulsive wave count with a target at the daily support line 1.27735 and even a breakout. At the moment, most priorities are given to short positions, however, if the price goes above 1.3039, then we may consider along position with a target at 1.33. Expect a similar wave count in AUDUSD, NZDUSD, EURUSD and GBPHKD. These pairs have a strong positive correlation of up to +71% and will have a similar price action today.

Trade Recommendations:

We're short with a target at 1.27735.

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Bob Stan
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