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on the sidelines

on the sidelines | 27 September 2017

27 September 2017, GBP/USD

on the sidelines

Wave Analysis:

During the previous trading day, instead of coming to an end the corrective wave (2) continues to rally to the lower side and could rally even lower during this intraday. As long as there's no clear bullish indication, we expect this bearish correction to extend even lower but should not go beyond 1.31801, where we'll be looking to buy the impulsive wave (3) with an ultimate target at 1.3912. At the moment, we choose to remain on the sidelines and wait for a clear bullish candle to buy this pair. This pair should be traded alongside AUDUSD, NZDUSD, and GBPAUD. These pairs have a strong positive correlation of up to +62% and will move in the same direction during this intraday.

Trade Recommendations:

Stay on the sidelines or look for short-term short position.

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Bob Stan
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