26 January 2018, GBP/USD
Wave Analysis:
During the previous trading day, we saw a possible correction of the impulsive waves (5) and (c), to the lower side but is currently recovering to the upper side. We expect a possible rebound from 1.4295 to pick a short position, however, if this level us broken, then we expect a extension of both these impulsive waves but should not go beyond 1.45. At the movement we choose to remain on the sidelines and only sell upon a rebound from 1.4295 or on a break above it. This pair should be traded alongside GBPHKD, GBPCHF, GBPAUD, and EURUSD. These pairs have a strong positive correlation of up to +62% and will move in the same direction today.
Trade Recommendations:
Flat
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