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Bears showing signs of dominance

Bears showing signs of dominance | 08 December 2016

08 December 2016, GBP/USD

Wave Analysis:

As anticipated, the cable fell drastically and is still showing signs of possible bears dominance. Following the rebound from 1.27706, we expect an acceleration towards 1.24044 and possibly lower to 1.2029. At the momentum, buy positions are very risky and can only be reconsidered upon an clear breakout above 1.27706, otherwise, as long as the zone 1.2715-1.2770 limits any invasion to the up side, we expect a possible bearish wave count towards 1.24044. Expect a similar wave count in EUR/USD, NZD/USD, AUD/USD, GBP/HKD and an exact opposite price action in USD/CHF, USD/JPY, AUD/JPY and EUR/JPY. Only buy or sell the cable if the latter pairs are giving an exact opposite price action with the first pairs.

Trade Recommendations:

Remain short with an ideal first TP at 1.24044. Alternatively, you could wait for minor pullbacks towards 1.2715 to go short with a target at 1.24044.

Bob Stan
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