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Look for short position towards 1.2952

Look for short position towards 1.2952 | 03 Noviembre 2017

03 Noviembre 2017, GBP/USD

Wave Analysis:

Few days ago, after end of the first impulsive wave (a) around 1.3027, we saw a possible flag formation but the price could not go above the flag 1.3299, instead, the pair accelerated downwards and even went below the lower supportive trend line. This is a possible bearish continuation signal, and means we could be short for the better parts of today. Thus, we're looking for a possible sell position ahead of the US nonfarm payrolls news release today. If the price can give us a clear sell signal today, then we'll be continuing short with the impulsive wave (c) towards 1.2925. This pair should be traded alongside GBPHKD, NZDUSD and GBPHKD. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendations:

Look for short position towards 1.2952

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Bob Stan
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