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Reman flat

17 October 2016, GBP/USD

Reman flat
Wave Analysis:
For the past few days, The cable has been confined with the contracting triangle but is at the verge of breaking out of it. Chances of breaking below the wedge are high although we cannot rule out the possibility of breakout on the upper side. Nonetheless, we choose to stand aside and only place our orders depending in the direction of breakout. A breakout below the wedge will mean we're headed to the lower side while a break above will culminate into a possible bullish price movements towards the short term resistive zone. This pair will have a similar price action with USD/ZAR and GBP/HKD.

Trade Recommendations:

Remain flat for now and wait for a breakout out of the wedge.

Graham Osano
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