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Corrections but still bearish

Corrections but still bearish | 22 June 2017

22 June 2017, GBP/USD

Corrections but still bearish

Wave Analysis:

Despite our anticipation that this pair could continue short, the cable is still reluctant to continue short, instead there's still minor corrections to the upper side. As long as the price remains below 1.27735, we expect a possible bearish price rally to the lower side but should not go beyond 1.24400. This view can only be invalidated in case the pair end up breaking above 1.27735, if this is the case, then an acceleration to the upper side is inevitable. If you had short the impulsive wave (c) around 1.27735, hold onto this trade. Expect a similar wave count in EURUSD, GBPCAD, GBPNZD and GBPCHF. For the past few days, these pairs have had a strong positive correlation of up to +79 and will move in the same direction during this intraday.

Trade Recommendations:

Expect a possible bearish price rally towards 1.24400.

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Bob Stan
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