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Waiting for corrections to end or above 1.30393

Waiting for corrections to end or above 1.30393 | 21 July 2017

21 July 2017, GBP/USD

Waiting for corrections to end or above 1.30393

Wave Analysis:

For the past four trading days, the cable has lost almost 100% the value it gained Friday the previous week. We expect this downward rally to be a mere corrective wave count and should not go beyond the daily support level 1.2777. If this level can be broken to the lower side, then this will be the next best place to short this pair. But until then, we'll be waiting for a possible rebound from 1.2777 to long this pair at the least risk possible. Alternatively, if the price can ascend above 1.30393, then this will be an ideal place to long this pair. Trade this pair alongside EURUSD, AUDUSD, NZDUSD, EURJPY and AUDJPY. These pairs have a strong positive correlation of up to +78% and will move in the same direction during this intraday.

Trade Recommendations:

Wait for a clear breakout above 1.30393 to long this pair with a target at 1.33. Short positions can only be recommended below 1.2777 with a target at 1.2444.

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Bob Stan
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