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Expect The Cable to trade on the lower ranges.

31 August 2016, GBP/USD

Expect The Cable to trade on the lower ranges.

Wave Analysis

Yesterday, the impulsive wave E traded short as previously forecasted but is yet to reach our target supportive trend line. Although we expect a momentum to the lower side, we wait for minor corrections to the upper side to give us low risk sell opportunities with an ideal target along the lower supportive trend line. we expect a similar impulsive ally in other positively correlated pairs such as NZD/USD and EUR/USD. This pairs have a strong +ve correlation of up +0.91 and will have a parallel price action during this intraday.

Trade Recommendations:

Wait for minor upward pullbacks towards 1.3106 then go short with an ideal target along the lower supportive trend line.

Graham Osano
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