GBPUSD Technical Analysis For 13th November 2015
13 November 2015, GBP/USD
GBP/USD is currently trading with a bearish bias. We expect 1.5247 to be the end of wave (5), to begin the 3 wave cycle. Assuming 1.5239 to be the end of wave (b), we expect wave (c) to cross and close below the lower support trend line and the lower than the end of wave (a). Technically, wave (c) should go short probably up to 1.5144, or even lower. Traders trading this pair should also observe other positively correlated pairs such as EUR/USD, EUR/CHF, and GBP/HKD for similar price movements, only buy or sell Pound if all the other positively correlated pairs are giving the same signal.
We are waiting for a clear break out below the lower support trend line before we go short. Short positions should have targets below wave (a) and the next target at 1.5144. This view can only be challenged should a very bullish candle show up along the support trend line or just above it.
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