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Remain short

04 October 2016, GBP/USD

Remain short

Wave Analysis

Instead of going long as previously anticipated, the Cable broke below the wedge, headed short and may still head further to the lower side, Instead of going short immediately, we wait for the corrective wave b to rebound from the immediate trend line to sell the impulsive wave c. We hope to trade this pair alongside EUR/JPY, and USD/ZAR. These pairs have a strong positive correlation of up to 89% and will have a similar price action during this intraday.

Trade Recommendations:

Wait for minor corrections towards the just broken trend line to go short with an ideal target at 1.214

Graham Osano
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