14 August 2017, GBP/USD
Wave Analysis
Few weeks ago, wave (5) of the impulsive wave (c) extended higher but failed to close above the resistance zone 1.3303-1.3195. We expect this zone to have marked the end of the previous five wave cycle, that the previous fortnight bearish rally is a corrective three wave cycle and should break below the trend line. If this trend line is broken, then I expect a possible bearish acceleration towards 1.2161. The zone 1.3303-1.3195 is a key weekly resistance zone and if price can get to this zone, then this will be the best place to short the cable. We expect a similar wave count in GBPHKD and EURHKD. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Short the cable with an ideal target along the lower trend line.
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