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GBPUSD Breaking lower towards 1.2029

GBPUSD Breaking lower towards 1.2029 | 21 December 2016

21 December 2016, GBP/USD

GBPUSD Breaking lower towards 1.2029

Wave Analysis:

Following the break below 1.2412, the cable traded massively short and is still showing signs of possible bears dominance, as long as this level limits any invasion to the upper side, we expect a possible bearish wave count towards 1.2029 or even lower. Any breach of this level to the upper side will lead to an acceleration towards 1.27706 or even higher. In the meantime, the current chart set up and structure is pretty much bearish and as long as the pair remains below 1.2412, we're bearish with our first target at 1.2029, any break below this level will push the price further towards 1.1139. We expect to trade this pair alongside EURUSD, NZDUSD and AUDUSD. These pairs have a strong positive correlation to Euro and will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair remains below 1.2412, remain short with your first target at 1.20291.

Bob Stan
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