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Bearish Retracement

19 October 2016, GBP/USD

Retracements

Wave Analysis

Yesterday, the cable broke above the contracting triangle, headed long and is still pretty much bullish on the daily chart. we expect a possible count towards 1.239, that the current downward rally is a mere correction of the larger wave (c) and should not go beyond the lower trend line. In the meantime, we choose to remain flat and only buy the inner impulsive wave (c) upon a clear rebound from the immediate trend line. The anticipated buy position should have a target along the zone 1.2394-1.2438. Expect a similar wave count in EUR/AUD and EUR/USD. These pairs will have a similar price action during this intraday.

Trade Recommendation:

Wait for a rebound from the immediate trend line to go long with an ideal target at 1.239-1.243

Graham Osano
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