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Short the cable at 1.3027

Short the cable at 1.3027 | 05 September 2017

05 September 2017, GBP/USD

Short the cable at 1.3027

Wave Analysis

During the previous trading day, there was a minor correction of the impulsive wave (c) to the lower side. During this intraday we expect a possible extension of the impulsive wave (c) of the larger corrective wave (b) to the upper side but should not go beyond 1.3027. If you're a bit skeptic to long this pair, you could sit on the sidelines and wait for a rebound from 1.3027 to pick a short position towards 1.2636. The anticipated bearish price rally is the continuation of the larger impulsive wave (c) to the lower side. This pair will have a similar price action during this intraday and will move in the same direction during this intraday.

Trade Recommendations:

Remain long with an ideal target at 1.3027. Alternatively, you could wait and short the cable upon a rebound from 1.3027 with your target at 1.2636.

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Bob Stan
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