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Wait for corrections

Wait for corrections | 02 January 2018

02 January 2018, GBP/USD

Wave Analysis:

During the previous trading days, the cable rose significantly to the upper side and even went above 1.382 and is still above it. We expect the upward rally that began few days ago to be the continuation of the impulsive wave (1) and should extend slightly upwards. If you din't buy the cable based on last week's forecasts, you could wait for a slight correction to the lower side then buy the impulsive wave (3) with your target at 1.4365. This pair should be traded alongside GBPAUD, EURUSD, GBPMXN, GBPHKD and GBPSGD. These pairs have a strong positive correlation and will move in the same direction during this intraday. Only buy or sell gbpusd if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Wait and rebuy the cable around 1.3483 towards 1.4365

FreshForex cancels commissions!

Bob Stan
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