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The Cable still to fall

The Cable still to fall | 15 August 2017

15 August 2017, GBP/USD

The Cable still to fall

Wave Analysis

Following the end of the impulsive wave (5) around 1.3195-1.3303, the corrective three wave cycle commenced to the lower side with the first impulsive wave (a) trading on the lower ranges but is yet to hit the target along the lower trend line. During this intraday, we expect a possible extension of the impulsive wave (a) to the lower side and could breakout below the lower side. If this trend line is broken, then we'll wait for the corrective wave (b) to end then sell impulsive wave (c) with the first target at 1.2161 and the next target at 1.1532. Expect a similar wave count in EURUSD, NZDUSD and AUDUSD. Trade these pairs alongside each other.
Trade Recommendations:
Short GBPUSD at 1.3012 with your first target at 1.2161 and the next target at 1.1532.

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Bob Stan
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