Log in

A bearish breakout

26 October 2016, GBP/USD

A bearish breakout

Wave Analysis

Earlier today, the Cable broke below the wedge, headed short but is currently declining in a downward momentum. Although we expect further bearish price movements during this trading day, in the meantime, we choose to sit on the side lines and wait for minor retracements to the just broken trend line to give us low risk sell opportunities. Ideally, as long as the pair trades below the just broken trend line, expect a possible bearish price movements towards $1.2081. We hope to trade this pair alongside EUR/USD. These pairs are pretty much bearish and will move to the bears side during this intraday.

Trade Recommendations:

Conservative traders should wait for minor pullbacks towards the just broken trend line to go short with an ideal target at $1.2081

Graham Osano
See also:
Agree with the review?
Traders' opinion:

Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.