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Bearish corrections

Bearish corrections | 19 September 2017

19 September 2017, GBP/USD

Bearish corrections

Wave Analysis:

During the previous trading day, we saw a possible correction of both the impulsive waves (E), and (v), when the cable traded on the lower ranges and is still showing signs of possible corrections towards 1.1163. During this intraday, as long as there's no clear bullish signal, we expect a possible bearish rally towards 1.3379 and could extend even lower. According to the chart above, if you didn't go long around 1.1163, you had better wait for a clear correction towards 1.3379 to buy this pair at the least risk possible. This pair should be traded alongside CADJPY, AUDJPY, NZDJPY and CHFJPY. These pairs have a strong negative correlation and will move in opposite price actions.

Trade Recommendations:

Expect further bearish corrections towards 1.3379

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Bob Stan
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