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Expect possible rebound to go long

14 September 2016, GBP/USD

Expect possible rebound to go long

Wave Analysis

Instead of going long as previously forecasted, the corrective wave (b) went lower than expected but could not go below the supportive trend line. Instead of going long immediately, we sit on the sidelines and wait for a clear rebound from this trend line to give us low risk buy opportunity. The anticipated upward rally should be the completion of the impulsive wave (c) and should not go beyond 1.41111. This view can only invalidated in case the current corrective rally break below this trend line. Trade this pair alongside AUD/USD and NZD/USD.

Trade Recommendations:

Wait for a clear rebound from the immediate trend line to buy this pair with an ideal target at 1.4111.

Graham Osano
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