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Waiting for minor bearish pullback to pick a long trade

Waiting for minor bearish pullback to pick a long trade | 06 March 2017

06 March 2017, GBP/USD

Waiting for minor bearish pullback to pick a long trade

Wave Analysis:

During the previous trading day on march 3rd 2017, the cable retraced a bit higher and even ended up above 1.2257. We expect the bearish price rally witnessed earlier today to be an onset of a bearish correction and should not go beyond 1.22575 from where we'll be looking to execute long positions. Any clear developments below 1.2257, may invalidate the anticipated upward rally and could push price into the lower ranges. Trade this pair alongside USDJPY, CADJPY, USDCHF and AUDJPY. These pairs have a strong negative correlation of up to -85% and will have exact opposite price action during this intraday.

Trade Recommendations:

Wait for minor pullbacks towards 1.2257 to go long with an ideal target at 1.2266.

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Bob Stan
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