12 December 2016, GBP/USD
Wave Analysis:
The cable is currently trading with an increasing bearish momentum. As anticipated, the cable rebounded perfectly from the resistance level 1.2770, headed short and is still bearish on the daily chart. Although we expect further movements to the lower side, the projected downward rally should be short lived and may not go beyond 1.2500;the previous week’s candle is a near perfect bullish pin bar and will likely drive the market to the upper side during this week, thus, we’re only short momentarily, and any bullish signal will call for long orders with the first ideal target at 1.27706, Any clear breach of this target will push the price further to the upper side with the next target at 1.3023. Expect an exact similar wave count in EUR/USD, GBP/AUD, GBP/NZD, and an exact opposite price action USD/JPY, AUD/JPY, and CAD/JPY. Only buy or sell the cable if the latter pairs are giving opposite signals from the first pairs.
Trade Recommendations:
Expect a possible bearish wave count towards 1.2500. Buy position are only recommend above 1.2770 with an ideal target at 1.3023
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