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Bears gaining momentum

Bears gaining momentum | 20 June 2017

20 June 2017, GBP/USD

Bears gaining momentum

Wave Analysis:

GBPUSD is currently trading with a slight bearish bias momentum. We're waiting for minor corrections of the impulsive wave (5) to the upper side but should not go beyond 1.2777 from where we'll be looking to resell the impulsive wave (5) at the least risk possible. Ideally, we expect the level 1.3030 to have marked the end of the corrective wave (iv) that the current bearish price rally is the continuation of the last impulsive wave (5) to the lower side but should not go beyond 1.1518. Expect an exact opposite wave count in USDCHF, HKDJPY and USDJPY. These pairs have a strong negative correlation of up to -71% and will move in different directions during this intraday.

Trade Recommendations:

Expect a possible bearish price rally towards 1.1518.

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Bob Stan
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