Start
trading

Main >
Analytics
>
Fresh forecast
>
Elliott waves analysis
>
The cable gone below 1.2485 and still bearish for long

The cable gone below 1.2485 and still bearish for long | 29 March 2017

29 March 2017, GBP/USD

The cable gone below 1.2485 and still bearish for long

Wave Analysis:

Unfortunately, our stop got hit yesterday when the pair went below 1.2537. The cable continued short and even went below our short term support level 1.24822. As long as the pair remains below this level we choose to hold onto a bearish bias sentiment on this pair with an ideal target at 1.2359. A break below this level will push the price further to the lower side but should not go below 1.21937. This view is supported by the fact that the daily chart shown below shows that price just rebounded from a significant resistive trend line and will likely remain short as long as it remains below this trend line.

The cable gone below 1.2485 and still bearish for long

Expect a similar wave count in EURUSD, NZDUSD, AUDUSD and GBPHKD. These pairs have a strong positive correlation of up to +65 and will move in the same direction during this intraday.

Trade Recommendations:

If you're not short already, wait for minor retracements towards 1.2472 to go short with an ultimate target at 1.2153. A break above the upper resistive trend line on the daily chart will push the price further to the upper side but should not go beyond 1.2725.

Trade the Markets Online with us on March 29!

The cable gone below 1.2485 and still bearish for long

FreshForex cancels commissions!

Bob Stan
Agree with the review?
Traders' opinion:
Close
Log in

Show password

Hide password

 Forgot password?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company's services and information on the site are not intended for citizens and residents of some countries, such as Belgium, China, North Korea, France, Hong Kong, Russian Federation, Spain, Great Britain, USA, and also countries identified by the FATF as high-risk countries or countries with serious AML/CFT deficiencies; countries or regions that are under international sanctions. A complete list is available on the "Countries where the company's services are not provided" page. The Company does not have representative offices in the Russian Federation and does not register clients from the Russian Federation.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.
Riston Capital Ltd (20623 BC 2012) with registered address at Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.