10 Marzo 2017, GBP/USD
Wave Analysis:
As expected, both the inner wave v and the outer wave (5) traded short and is still pretty much bearish. We expect the bearish pin bar witnessed earlier today to mark the continuation of these impulsive waves to the lower side towards 1.1994. A break below this level will push the price further to the lower side but should not beyond 1.18. In the meantime, we choose to sit on the sidelines and wait for a clear break below 1.2153 to confirm the continuation of the anticipated bearish price rally. This view can only be rendered futile in case the pair end up above 1.2193, if this is the case, then an acceleration to the upper side is inevitable. Expect an exact opposite wave count in USDCHF, USDJPY and CADJPY.
Trade Recommendations:
Expect a possible bearish price movements towards 1.18. But first wait for as clear break below 1.2153 to confirm this price action.
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