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Flat | 04 January 2018

04 January 2018, GBP/USD

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Wave Analysis:

During the previous trading day, an unprecedented correction of the impulsive wave (1) was seen when the price rallied lower despite the forecast that it could rise. We expect this downward rally to be a mere correction and may extend even further during this intraday. If you went long based on last week's forecast, leave this position open, if not, then wait for a breakout above 1.3506, then buy the next impulsive wave (3) towards 1.4365. This pair should be traded alongside GBPAUD, GBPHKD, GBPCHF and GBPMXN. These pairs have a strong positive correlation and will move in the same direction during this intraday. Only buy or sell the cable if the other pairs are giving the same signal.

Trade Recommendations:

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Bob Stan
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