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Check out for 1.2222

Check out for 1.2222 | 12 January 2017

12 January 2017, GBP/USD

Check out for 1.2222

Wave Analysis:

Yesterday, the cable traded massively short as previously forecasted but barely hit our target profit at 1.2029. The daily candle closed green despite of expectations to be a red big candle. We expect the just witnessed upward move to be a mere pullback and should not close above 1.2222. A break above this level will push the price further to the upper side but should not go beyond 1.2415. Any clear rebound around 1.2222 will mean we're continuing short with the impulsive wave (c) with our previous target at 1.2029. Trade This pair alongside GBPHKD and EURUSD. These pairs will have a similar price action during this intraday. Only buy or sell the cable if the other pairs are giving the same signal.

Trade Recommendations:

wait for a possible rebound around 1.222 to go short with an ideal target at 1.2029.

Bob Stan
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