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Expect further bearish correction.

Expect further bearish correction. | 12 December 2017

12 December 2017, GBP/USD

Expect further bearish correction.

Wave Analyisis:

We continue to see a correction of the impulsive wave (1), despite the previous forecast that the cable should continue to rise. During this trading day and possibly in the coming days, we expect a possible extension of this correction to the lower side but should not violate the daily support set at 1.3063, if this support is breached, then the price could continue to drop but but should not go beyond the next key support seen at 1.2822. According to the daily chart above, we expect a slight correction to the lower side, then an impulsive bullish price rally towards 1.3481 and should breakout higher towards 1.4365. Trade this pair alongside GBPAUD, GBPHKD, GBPCHF and GBPMXN. These pairs will have a similar price action today.

Trade Recommendations:

Re buy the cable upon the completion of the current bearish correction.

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Bob Stan
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