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The cable in a corrective mode

The cable in a corrective mode | 22 March 2017

22 March 2017, GBP/USD

The cable in a corrective mode

Wave Analysis

As previously forecasted, following the end of the corrective wave (4) around 1.23545, the impulsive wave (5) traded massively to the upper side and even broke above a key pivot level 1.24190. After this breakout, the pair continued long but is currently retracing to the lower side; but not with the same momentum with which it rose yesterday. We expect the current bearish price rally to be a mere retracement and should not go beyond 1.2473 from where we'll be looking to re-buy the impulsive wave (5) with our previous target still intact at 1.2725. Expect an exact opposite price action in USDCHF and USDJPY and CADJPY, these pairs will move in opposite price action during this intraday.

Trade Recommendations:

If you're not long already, wait for minor bearish pullbacks to go long with an ideal target at 1.2725.

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Bob Stan
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