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We're looking for a short trade

We're looking for a short trade | 11 August 2017

11 August 2017, GBP/USD

We're looking for a short trade

Wave Analysis

Despite the inside bar seen earlier this week, the cable is yet to spike downwards as previously forecasts but instead its consolidating below 1.3025. If the price can maintain below 1.3025, we're waiting for the intraday stochastic to rise above it's overbought level of 80 to settle for short position. The anticipated short position is an onset of an impulsive wave count but should not go beyond 1.2774, if the price again rise 1.3025, then we'll be looking for a long position towards 1.33. This pair should be traded alongside EURUSD, NZDUSD, AUDUSD and AUDJPY. These pairs have a strong positive correlation and will move in the same direction during this intraday.

Trade Recommendations:

Sell this pair around 1.3025 with an ideal target at 1.2774.

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Bob Stan
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