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We're still short

We're still short | 16 August 2017

16 August 2017, GBP/USD

We're still short

Wave Analysis

During the previous trading day, the impulsive wave (a) extended lower but is currently approaching a key supportive trend line. We're waiting for a clear break below this trend line to short the nest impulsive wave (c) with the next target 1.2161. If this impulsive wave can break below 1.2161, then we expect further bearish momentum towards 1.1532. A key resistance zone can be seen around 1.3303-1.3195, if the price can pullback to this zone, then this will offer the best place to short this pair. A break above, will mean we're continuing long with next ideal target at 1.4190. Expect a similar wave count in EURUSD, and an exact opposite price rally.

Trade Recommendations:

Expect further bearish rally towards 1.2161.

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Bob Stan
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