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Expect a correction to the lowerside

06 September 2016, GBP/USD

Expect a correction to the lowerside

Wave Analysis

As previously forecasted, the impulsive wave (a) traded long as previously forecasted but is currently declining in an upward momentum, We expect a retracement to the just broken resistive trend line to give us low risk buy opportunities towards 1.41114. Ideally, we expect to buy the next impulsive wave (c) once the corrective wave (b) is completed. This view can only be invalidated in case the anticipated correction end up below the just broken trendline. Expect a similar price rally in other pairs such as GBP/HKD, and AUD/USD. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.

Trade Recommendations:

Wait for retracements to the just broken trend line to go long with an ideal target at 1.41114

Graham Osano
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