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We're short as long the price remains below 1.26832

We're short as long the price remains below 1.26832 | 12 April 2017

12 April 2017, GBP/USD

We're short as long the price remains below 1.26832

Wave Analysis:

Instead of continuing short as previously forecasted, the cable continues to retrace to the upper side but is still below our weekly retracement zone 1.26832-1.25713.As long as the price remains below this zone, we choose to hold onto our previous sell positions. Ideally, we expect further pullbacks towards 1.2683 from where we'll be looking for further low risk sell opportunities. This view can only be invalidated in case the price end up breaking above this zone, if this is the case, then an acceleration to the upper side will be inevitable. Expect a similar wave count in GBPNZD, EURUSD and AUDUSD. These pairs will have a similar wave count during this intraday.

Trade Recommendations:

If you're not short already, wait for a clear rebound around 1.26832-1.25713 to go short with an ideal target at 1.10

FreshForex cancels commissions!

Bob Stan
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