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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
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