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Remain short

13 October 2016, GBP/USD

Remain short

Wave Analysis

Yesterday, the cable rose towards $1.2325 but ended up closing just a few pips from it's opening price. The previous day's candle shows signs of weak bullish momentum, thus, instead of executing any long orders, we choose to sit on the side lines and only look for potential sell signals to continue short with the impulsive wave (c). This view can only be invalidated in case the pair end up breaking above $1.2306, a clear breakout above this level will signal an increase in the number of buyers and could push the price to the upper side with an ideal target at $1.2394. Trade this pair alongside EUR/USD. These pairs will have the same price action during this intraday.

Trade Recommendations:

Remain short.

Graham Osano
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