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Expect a possible bearish price rally towards 1.2976

26 September 2016, GBP/USD

Expect a possible bearish price rally towards 1.2976
Wave Analysis
Perfectly as previously forecasted, the corrective inner wave 4 could not go beyond the upper resistive trend line, instead, the pair rebounded from this trend line and is still pretty much bearish on the daily chart, we expect the current downward rally to be the continuation of the outer impulsive wave E and the inner motive wave 5 but should not go beyond the lower trend line, any clear breakout below this trend line may push the price further to the lower side but should not go beyond 1.2796. Trade this pair alongside NZD/USD and GBP/HKD.

Trade Recommendation:

Wait for minor pullbacks to the upper side then sell this pair with the first target along the lower trend line and the next target at 1.2796

Graham Osano
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