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Wait for a beak below 1.2412

Wait for a beak below 1.2412 | 16 December 2016

16 December 2016, GBP/USD

Wait for a beak below 1.2412

Wave Analysis:

Following the break below the lower trend line, the cable headed short but could not go beyond the pivot level 1.2412. Although we expect further movements to the lower side, we'll only be interested in going short upon a clear breakout below 1.2412. Any breach of this level to the lower side will culminate into a possible bearish wave count but should not beyond 1.2029. This view can only be rendered futile in case the pair end up rebounding above 1.2412, if this is the case, then an acceleration to the upper side is inevitable. Expect an exact similar wave count in EURUSD, NZDUSD, AUDUSD and an exact opposite price action in NZDJPY, CADJPY, USDJPY and AUD/JPY.

Trade Recommendations:

Go short below 1.2412 with an ideal target at 1.2029

Bob Stan
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