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Rejection from the level 1.2198

Rejection from the level 1.2198 | 05 January 2017

05 January 2017, GBP/USD

Rejection from the level 1.2198

Wave Analysis:

Instead of going short as previously forecasted, the cable retraced to the upper side but is currently finding it hard closing above 1.2378. This is a key resistance level and will require a greater force to close above, thus, unless there's a clear break above 1.2412, we expect a possible rebound around 1.2378-1.2412 to go short. The anticipated bearish price rally should be the continuation of the impulsive wave (5) towards 1.2029 and possible lower. Otherwise, a break above 1.2412 will mean we're continuation to the upper side with the next target at 1.2725. This pair should be traded alongside GBPHKD, EURUSD and NZDUSD. Only by or sell the cable if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Expect a possible rebound around 1.2378-1.2412 to go short with an idea target at 1.2029. Buy positions are only recommended above 1.2412 with a target at 1.2725

Bob Stan
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