Sell The cable now, and have your stoploss above last week's highest high, and take profit at 1.2156. | 08 January 2019
08 January 2019, GBP/USD
Wave Analysis
For the entire 2017, the cable corrected itself to the upperside and even extended this correction earlier last year. This correction was followed by a bug plunge and the cable is currently trading around 1.27. The level 1.2724 is a key weekly level and as long as it keeps price from stretching upwards, we expect a possible bearish surge towards 1.2156. The anticipated bearish price rally is merely the continuation of the last impulsive wave c to the lowerside and should first break below 1.2405 before a move further to the lowerside is seen towards 1.2156.
Trade Recommendations:
Sell The cable now, and have your stoploss above last week's highest high, and take profit at 1.2156.
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The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
