Expect a correction to the lowerside
06 September 2016, GBP/USD
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.
Wait for retracements to the just broken trend line to go long with an ideal target at 1.41114
We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us