Still bearish | 13 Juli 2017
13 Juli 2017, GBP/USD
Wave Analysis:
Despite the bearish continuation candle seen on Tuesday this week, the cable pulled back upwards during the previous trading but is still bearish in the shorter time . We're waiting for price to test the the short term resistance line 1.2912 to pick a low risk sell opportunities with our target at the daily support level 1.2777. We're looking forward to trading this pair alongside EURUSD, GBPHKD and GBPCAD. These pairs have a strong positive correlation of up to +71% and will move in the same direction during this intraday. This pair should also be traded alongside CADJPY and USDCHf, these two have a strong negative correlation to the cable and will move in exact opposite directions.
Trade Recommendations:
Short this pair around 1.2912 with your ideal target at 1.2777
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
