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Clear rejection from the upper resistive trendline

Clear rejection from the upper resistive trendline | 04 April 2017

04 April 2017, GBP/USD

Clear rejection from the upper resistive trendline

Wave Analysis:

As expected, the price got rejected from the upper resistive trend line and is currently showing signs of possible momentum to the lower side. As long as the price remains below this trend line and above 1.24400, we choose to remain flat momentarily expecting a break below 1.24078. A break below 1.24078 will call for short positions with an ideal target at 1.2156. This view can only be invalidated in case the pair end up rebounding from 1.24440, if this is the case, then we'll wait for a beak above the upper trend line to go long towards 1.2726. Expect a similar wave count in EURUSD and NZDUSD. These pairs have a similar price action during this intraday.

Trade Recommendations:

Wait for a break below 1.24078 to go short with an ideal target at 1.2156.

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Bob Stan
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