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Massive corrections but should not go beyond 1.3025

Massive corrections but should not go beyond 1.3025 | 04 August 2017

04 August 2017, GBP/USD

Massive corrections but should not go beyond 1.3025

Wave Analysis

During the previous trading day, the cable opened at 1.3223, went as high as 1.3267 and as low as 1.3111 but ended up closing at 1.3137, several pips below its opening price. The previous day's candle is perfect engulfing candle against the prevailing up trend. We expect this drop in price to be an an onset to a corrective wave count and should go beyond the support line 1.3025, where we'll be looking to rebuy the impulsive wave (c) at the least risk. A break below this level will push the price further low towards 1.2774. This pair seems to have a strange positive correlation of usdjpy but these two are always negatively correlated. Despite their unusual positive correlation, we choose not to trade them temporarily.

Trade Recommendations:

Expect further bearish corrections towards 1.3025.

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Bob Stan
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