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Expect a possible bearish price rally

19 September 2016, GBP/USD

Expect a possible bearish price rally

Wave Analysis:

Unfortunately, our stop got hit when the pair broke below the supportive trending. Following this breakout, we expect a possible bearish price rally towards the lower trend line and could go below 1.2700. If the latter is true, then it means the corrective wave D was merely testing the upper trend line and that we are continuing short with the impulsive wave E towards the lower trend line. Expect a similar price action in AUD/USD and NZD/USD. These pairs will have a parallel price action during this intraday.

Trade Recommendations:

Expect a possible bearish price rally towards 1.2700

Graham Osano
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