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Wait for a clear break below 1.2407 to go short towards 1.2156

Wait for a clear break below 1.2407 to go short towards 1.2156 | 05 April 2017

05 April 2017, GBP/USD

Wait for a clear break below 1.2407 to go short towards 1.2156

Wave Analysis:

Despite the two bearish pin bar candles seen yesterday at 12:00 and 16:00, the cable continues to retrace to the upper side but should not go beyond 1.2472. If you're not short already, you could put a pending sell limit order at the tip of the pin bar candle at 12:00, 1.2467. This view can only be rendered futile in case the pair end up above 1.24873, if this is the case, then an acceleration to the upper side is inevitable. This downward rally is supported by the fact that the daily chart, shown below, is pretty much bearish and could trade further to the lower side but only after breaking below 1.24078.

GBPUSD Daily Chart

This pair should be traded alongside USDCHF, and USDJPY. These pairs will have an exact opposite price action during this intraday.

Wave Analysis:

If you're not short already, wait for a clear rebound around 1.247 to go short with an ideal target at 1.2353. Alternatively, you could wait for a clear break below, 1.2407, (shown on the daily chart above) to go short with an ideal target at 1.2156.

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Bob Stan
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