06 February 2018, GBP/USD
Wave Analysis:
During the previous trading day, the cable declined slightly to the lower side but is still pretty much bearish both on the daily and the weekly charts. We expect further momentum to the lower side with our first target at 1.3855 or even lower. The anticipated bearish price rally is the a mere correction of the previous impulsive waves (c) and (c) and may continue short below 1.3855. According to the current chart structure and set up, we choose to remain short towards 1.3855. This pair should be traded alongside GBPHKD, GBPSGD, GBPCHF and GBPAUD. These pairs have a strong positive correlation of up to +80% and will move in the same direction today.
Trade Recommendations:
Remain short with your target at 1.3855
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