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The Cable still retracing still bearish on the weekly chart

The Cable still retracing still bearish on the weekly chart | 14 April 2017

14 April 2017, GBP/USD

The Cable still retracing still bearish on the weekly chart

Wave Analysis:

The cable continues to retrace to the upperside but is still within our weekly retracement weekly level 1.2683. Unless there's a clear break above this level, we choose to remain flat momentarily, expecting a possible rebound around 1.2683 to continue short with the impulsive wave (5) towards 1.10. As said above, unless the price breaks above 1.2683, we're flat; a break above this level will push the price to the upperside but should not go beyond 1.3275. Since today is the last trading day of this week, the anticipated bearish price rally could mature mid of next week, thus, its worth waiting. Expect a similar wave count in EURUSD, GBPNZD and GBPCAD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

If you're not short already, expect a possible rebound from 1.2683 to go short with an ideal target at 1.10.

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Bob Stan
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