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Bears back in control

Bears back in control | 13 January 2017

13 January 2017, GBP/USD

Bears back in control

Wave Analysis:

The cable retraced slightly higher than expected but ended up closing below 1.2222 with a near perfect exhaustion candle on the daily chart. During this intraday, we expect a possible bearish wave count towards the lower side as along as the pair remains below 1.2222. This bearish acceleration is the continuation of the impulsive wave (5) towards 1.2029 and may break lower to 1.19. This view can only be rendered futile in case the pair end up above 1.2222, if this the case, then an acceleration to the upper side will be unavoidable. Trade this pair alongside EURUSD, GBPHKD, AUDUSD and NZDUSD. These pairs have a strong positive correlation of up to +86% and will have a similar price action during this intraday.

Trade Recommendations:

Remain short with an ideal target at 1.2029

Bob Stan
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