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Remain short

Remain short | 30 January 2018

30 January 2018, GBP/USD

Remain short

Wave Analysis:

The cable is currently trading with an increasing bearish momentum. As long as the price remains below the short resistance line 1.4085, we expect a possible bearish price movements to the lower side with an ultimate target at 1.3815 or even lower. The anticipated bearish price rally is the continuation of a corrective three wave cycle and may go beyond 1.3815. The current chart set up and structure is pretty much bearish and chances of falling even further are higher. Thus, we are only interested in short position. This pair should be traded alongside GBPHKD, GBPMXN and EURUSD. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendations:

Remain short with your target at 1.3815

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Bob Stan
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