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Expect a rebound from 1.2768 to short this pair towards 1.1448

Expect a rebound from 1.2768 to short this pair towards 1.1448 | 27 June 2017

27 June 2017, GBP/USD

Expect a rebound from 1.2768 to short this pair towards 1.1448

Wave Analysis:

The cable is still pulling back upwards but the weight is on the lower side. We expect the upward rally that was seen during the previous trading week to be a mere corrective rally and should not go beyond 1.27769 from where we'll be looking to resell the impulsive wave (c) with at the least risk possible. Ideally, we expect a possible rebound from 1.2720-1.2768 to short this pair with an ideal target at 1.24400. Expect a similar wave count in GBPAUD, GBPCAD, and EURUSD. These pairs have a strong positive correlation of up to +71% and will move in the same direction during this intraday.

Trade Recommendations:

Expect a possible rebound from 1.2768 to short this pair with an ideal target at 1.2440

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Bob Stan
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