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Waiting for breakout

14 October 2016, GBP/USD

Waiting for breakout

Wave Analysis

Earlier this week, the cable entered into a symmetrical triangle and is still trading with in it. Unless there is a clear progression outside this triangle, we choose to sit on the sides and only trade breakouts. A breakout below the triangle will push the price to the lower side with an ideal target at $1.2029 while a breakout above the triangle will push the price to the upper side towards the short term resistance zone. This pair will have a similar price action with USD/ZAR.

Trade Recommendations:

Remain flat for now and wait for a clear break outside the wedge to trade breakout depending on the direction of breakout.

Graham Osano
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