Flat | 09 Agustus 2017

Wave Analysis:

During the previous trading day, the cable broke below 1.3025 and is still below it. We expect a rebound from 1.3025 to buy the cable but as it appears, the cable could fall even further. This is a bit contradictory, because, while the price is showing possible momentum to the lower side, the intraday stochastic is already below its oversold level of 20. This could be a possible opposite scenario, but instead of picking any positions, we choose to remain on the sidelines and wait for a clear buy or sell signal. As at the moment, we choose to remain voluntarily flat. Trade this pair alongside GBPHKD and EURUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Flat