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07 December 2017, GBP/USD


Wave Analysis:

No significant move has been seen towards our previously set target at 1.3477. Instead, we're seeing corrections to the lower side. We expect the downward rally that was seen yesterday to be a mere correction of the impulsive wave (1) to the lower side but should not go beyond the daily support level seen at 1.3063. If this support is violated to the lower side, then we expect the price to plunge further but should not go beyond 1.2811. That said, on the daily chart above, we're still into buy orders. Our expectations is that the price should rise above 1.3483, towards 1.3735. Conservative traders should wait for break above 1.3735, then buy the impulsive wave (3) with an ultimate target at 1.4363.

Trade Recommendations:

Flat, but waiting for a buy signal

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Graham Osano
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