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Bears eyeing a retest of the level 1.2029

Bears eyeing a retest of the level 1.2029 | 04 January 2017

04 January 2017, GBP/USD

Bears eyeing a retest of the level 1.2029

Wave Analysis:

As anticipated, the impulsive wave (5) traded short but is yet to hit our target Take profit. We expect further acceleration to the lower side as long as the pair remains below 1.2378, any breach of the level 1.2412 may invalidate the anticipated downward rally and could culminate into a possible bullish price movements towards 1.2725 and possibly higher. In the meantime, we're waiting for a clear breakout below 1.2225 to give us the green light to continue short with the first target at 1.2029. Expect a similar wave count in GBPHKD, NZDUSD, GBPAUD, and EURUSD. These pairs have a strong positive correlation of up to +90% and will have a similar price action during this intraday. Only buy or sell GBPUSD if the other pairs are giving the same signal.

Trade Recommendations:

If you're not short already, wait for a clear breakout below 1.2225 then go short with an ideal target at 1.2029.

Bob Stan
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