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Corrections

11 December 2017, GBP/USD

Wave Analysis:

Instead of continuing long as previously expected, we saw a slight correction of the impulsive wave (1) to the lower side but we're still within a buy zone. During this trading day and even in the coming days, we expect a possible extension of this correction to the lower side but should not go beyond 1.3291, where we'll be looking to re-buy the impulsive wave (1) with our first target at 1.3477. According the attached chart set up, its good to remain on the sidelines and only buy once the current correction is over This pair should be traded alongside GBPAUD, GBPCHF, GBPCAD and GBPHKD. These pairs have a strong positive correlation today.
Trade Recommendations:
On the sidelines.

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Graham Osano
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