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Rejection from the level 1.2378

Rejection from the level 1.2378 | 03 January 2017

03 January 2017, GBP/USD

Rejection from the level 1.2378

Wave Analysis:

During the previous trading day, the cable rebounded perfectly from the resistance level 1.2378 and is currently trading with an increasing bearish momentum. We expect the level 1.2378 to have marked the end of the corrective wave (4), and that the current bearish rally is the unfolding of the impulsive wave (5) towards 1.2029 and possibly lower. This view can only be be rendered futile in case the pair end up breaking above 1.2412, if this is the case, then an acceleration to the upper side is inevitable. Expect a similar price action in GBPHKD, AUDUSD, NZDUSD and an exact opposite price action in USDJPY and USDCHF. The last two pairs will have an exact opposite price action with the first three pairs.

Trade Recommendations:

We're short from 1.2378 with an ideal target at 1.2029.

Bob Stan
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