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Remain short 1.27735.

Remain short 1.27735. | 23 August 2017

23 August 2017, GBP/USD

Wave Analysis

Yesterday, the impulsive wave (c) extended lower but is yet to reach our target level 1.27735. During this intraday, we still expect a possible extension of this bearish wave count but only with an ultimate target at 1.27735, however, if the price breaks below this level, then we'll wait for a break below 1.27356 to give us the green light to continue short towards 1.24440. As the chart is currently is, we expect a possible rebound from 1.27735 to long this pair towards 1.30246. This pair should be traded alongside GBPAUD, NZDUSD, AUDUSD and GBPNZD. These pairs have a strong positive correlation of up to +62% and may move in the same direction during this intraday.

Trade Recommendations:

Remain short 1.27735.

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Bob Stan
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