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Remain short

Remain short | 29 January 2018

29 January 2018, GBP/USD

Remain short

Wave Analysis:

Since last week on Thursday, the cable has been in a short term downward trend. We expect the resistance level 1.4350 to have marked the end of the impulsive wave (5) to the upper side, that the current downward rally is the unfolding of a corrective three wave cycle and should not go beyond 1.3815. Any pullback to the upper side may attract a possible sell around 1.4350. This view can only be in validated in case the price end up breaking above 1.4350, this being the case, we'll wait for another break above 1.4360, to confirm a possible bullish rally towards 1.45. This pair should be traded alongside GBPHKD, GBPSGD and GBPAUD. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendation:

Remain short towards 1.3815

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Bob Stan
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