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The cable consolidating

The cable consolidating | 03 March 2017

03 March 2017, GBP/USD

The cable consolidating

Wave Analysis:

Yesterday, the cable dropped almost 32pips below its opening price but is currently consolidating around a key daily support 1.2257. Although we expect further momentum to the lower side, we're waiting for a clear break below 1.2257 to continue short with the impulsive wave (c) but should not go beyond 1.222. A break below this level will push the price further to the lower side with an ultimate target at 1.1982. This view can only be invalidated in case the pair end up rebounding from 1.2257, if this is the case, then an acceleration to the upper side is inevitable. Expect an exact opposite price action in USDCHF and USDJPY, these pairs will have opposite price action during this intraday.

Trade Recommendations:

Wait for a clear breakout below 1.227 then go short with an ultimate target at 1.1982.

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Bob Stan
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