Still waitingfor low risk buy opportunity
09 September 2016, GBP/USD
Following our previous analysis, nothing has changed much, we are still wait for a clear rebound from the immediate trend line to give us a low risk buy opportunities. Ideally, the anticipated upward rally should be the unfolding of the impulsive wave (c) and should not go beyond 1.4114. This view can only be invalidated in case the corrective wave (c) end up breaking below the immediate trend line. Expect a similar impulsive wave in other positively correlated pairs such as GBP/JPY and GBP/NZD. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this itraday.
Wait for a clear rebound from the immediate trend line to go long with an ideal target at 1.41114.
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