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The cable showing signs of further retracements

The cable showing signs of further retracements | 12 May 2017

12 May 2017, GBP/USD

The cable showing signs of further retracements

Wave Analysis:

Despite our previous forecast that the cable should rise, this pair continues to rally on the lower side and will likely head further to the lower side. We expect a possible second retracement towards 1.27735 from where we'll be looking for very low risk buy opportunities. The anticipated buy position is the continuation of the impulsive wave (v) and may break above 1.30754. This view can only be rendered futile in case the pair end up below 1.27204, if this is the case, then an accelaration to the lower side towards 1.24400 is expected. This pair should be traded alongside GBPAUD, GBPCHF, GBPCAD and EURUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bullish price movements towards 1.30754

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Bob Stan
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