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Bearish momentum developing.

15 November 2016, GBP/USD

Bearish momentum developing.

Wave Analysis

Yesterday, the cable rebounded from the upper trend line forming top of the rising and will likely head further towards the lower trend line. As long as the cable trades within this channel, we'll only be interested in trading reversals, any clear breakout below the lower trend line will signal a possible increase in the number of sellers and could culminate into a bearish bias rally. Only a breakout above the resistance level 1.2743 will call for long positions. Expect an exact opposite price action in USD/CHF and USD/JPY. The latter pairs have a strong negative correlation of up to -75% with the cable and will have an exact opposite price action during this intraday. Only buy or sell the cable if the other pairs are giving an exact opposite signal.

Trade Recommendations:

Remain short with an ideal target along the lower trend line.

Graham Osano
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