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Waiting for corrections

Waiting for corrections | 06 October 2017

06 October 2017, GBP/USD

Waiting for corrections

Wave Analysis:

During the previous trading day, the cable extended lower than expected and even close below 1.31803, As long as the price remains below this zone, we expect the price continue to the lower side but should not go beyond 1.27735. From the chart above, I'm waiting for a clear bullish pullback towards 1.31803 to short this pair at the least risk possible. This view can only be invalidated in case the price end up breaking above 1.31803, if this is the case, then a sharp rise towards 1.37 will be inevitable. This pair should be traded alongside EURUSD, GBPHKD, NZDUSD, AUDUSD and GBPNZD> These pairs have a strong positive correlation and will move in the same direction during this intraday.

Trade Recommendations:

Wait for a correction towards 1.31803 to short he cable.

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Bob Stan
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