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Wait for a clear break below 1.2764 to pick a long term short position towards 1.2100.

07 December 2018, GBP/USD

Wave Analysis

Just as in the euro, there's not much happening on the cable. We're waiting for a clear breakout below 1.2768 to confirm that we're short with an ultimate target at 1.2100. This downward rally is highly anticipated since the previous months candle was a perfect bearish candle and as long as the price remains below 1.2878, we expect nothing but a possible momentum the lowerside. The ideal here is to wait for a clear break below 1.2768 to pick a short position. The anticipated bearish price rally is the continuation of the impulsive wave (c) and should go beyond 1.2330 towards 1.2100.

Trade Recommendations:

Wait for a clear break below 1.2764 to pick a long term short position towards 1.2100.

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Graham Osano
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