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Short this pair now with an ideal target at 1.27735

Short this pair now with an ideal target at 1.27735 | 18 August 2017

18 August 2017, GBP/USD

Short this pair now with an ideal target at 1.27735

Wave Analysis

Since the beginning of this week, the impulsive wave (c) extended lower perfectly as we expected but is currently consolidating within a tight range 1.2892-1.2864. We're waiting for a clear break out of the wedge to pick a good position; although a break on either sides have equal chances, a break below this range will provide the best entry trade, since this pair has been a downtrend, and should continue downwards even during this intraday. The anticipated break below is merely the continuatiion of the impulsive wave (c) but should not go beyond 1.27735. Expect a similar wave count in EURUSD, NZDUSD and AUDUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Short this pair now with an ideal target at 1.27735

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Bob Stan
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