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Waiting for corrections to continue short

07 October 2016, GBP/USD

Waiting for corrections to continue short
Wave Analysis:
The cable is currently trading with an increasing downward momentum. Today, the cable traded massively short and even hit our first target at 1.203. Earlier this week, the cable broke below our weekly support 1.2919 and is very much bearish on the monthly chart. Although we expect further momentum to the lower side during this month, instead of going short right away, we choose to sit on the side lines and wait for corrections of the impulsive rally witnessed earlier today to go short at low risk. We hope to trade this pair alongside EUR/USD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

If you are not short already, wait for minor corrections to the upper side to go short with the next target at 1.1800

Graham Osano
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