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Wait for break below the lower trendline

Wait for break below the lower trendline | 17 August 2017

17 August 2017, GBP/USD

Wait for break below the lower trendline

Wave Analysis

Following the end of the impulsive waves (c) and (5) around 1.3303-1.3195, the corrective three wave cycle unfolded with the impulsive wave (a) extending lower but is yet to hit our target, We're waiting for the impulsive wave (a) to break below the lower trend line, to confirm a possible continuation this corrective wave rally towards 1.2161 and the next target at 1.1522. If you're a bit skeptic to short this pair now, you could wait for the impulsive wave (a) to break below the lower trend line to short the impulsive wave (c) with an ideal target at 1.2161. This pair will have a similar price action to EURUSD, NZDUSD and AUDUSD these pairs will have a similar price action during this intraday.

Trade Recommendations:

Wait for break below the lower trendline to short this pair towards 1.2161.

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Bob Stan
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