04 Octubre 2017, GBP/USD
Wave Analysis:
Since November 2016, the cable entered within a wide converging wedge and is still pretty much within it. We expect the downward rally that began few day's ago to be the continuation of the corrective wave (D) but should not go beyond the lower supportive trend line where we'll be looking to buy the impulsive wave (E) to the upper side but should not go beyond 1.3730. On the daily above, we still expect a drop in price, and if the price can close below 1.38021, then the price could drop even further. This pair should be traded alongside NZDUSD, AUDUSD, EURUSD and GBPAUD. These pairs have a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendations:
We're short towards the lower trendline.
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