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Expect further bearish corrections towards 1.3263.

Expect further bearish corrections towards 1.3263. | 21 September 2017

21 September 2017, GBP/USD

Expect further bearish corrections towards 1.3263.

Wave Analysis:

During the previous trading day, a correction of the the previous impulsive wave (E) was seen when the price went slightly above the recent weekly highest higher but ended up closing below 1.3489. We expect the previous day's candle to be an onset to a corrective three wave cycle with the last impulsive wave (c) not going below the daily support level 1.3206. As long as this support protects the lower side, we expect a rebound from this level to long this pair. Any violation of this support will push the price to the lower side towards 1.3263. A similar correction should be expected in the other positively correlated pair such as Eurusd, these pairs have a strong a positive correlation and will move in the same direction during this intraday.

Trade Recommendations:

Expect further bearish corrections towards 1.3263.

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Bob Stan
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