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Wait for low risk buy opportunity

08 September 2016, GBP/USD

Wait for low risk buy opportunity

Wave Analysis:
As previously forecasted, the corrective wave (b) continues to go short but should not go beyond the just broken resistive trend line. Instead of going long immediately, we wait for a clear rebound from the immediate trend line to give us low risk buy opportunities. The anticipated upward rally should be the completion of the impulsive wave (c) but should not go beyond 1.4114. Expect a similar impulsive move in AUD and NZD pairs. For the past few days, these pairs have had a strong positive correlation and will have a similar price action during this intraday.

Trade Recommendations:

Wait for a clear rebound from the immediate trend line to go long with an ideal target at 1.41114

Graham Osano
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