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Waiting for corrections

06 October 2016, GBP/USD

Waiting for corrections

Wave Analysis

Earlier this week, the cable broke below the supportive trend line forming bottom of the wedge and is still pretty much bearish on the monthly chart. We expect to continue short for the better parts of this month but with an ultimate target at 1.217. Any clear breakout below this support level will push the price further to the lower side. In the meantime, we are waiting for the corrective wave b to rebound from the immediate trend line to sell the impulsive wave c towards 1.217. We hope to trade this pair alongside USD/ZAR. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Wait for minor corrections to the upper side to sell the cable with an ideal target at 1.217

Graham Osano
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