30 June 2016, GBP/USD
Wave Analysis
GBP/USD is currently trading with a bearish bias. The cable continues to make lower lows even as Gold and Yen maintain “safe heaven” status. Although the cable has gained around 2% of the amount it lost during the Brexit results release, we still expect further downward rally but only upon a clear breakout below 1.3375. As long as the pair trades above 1.3375 we expect a possible bullish price movements to the upper side. A clear breakout below 1.3375 will culminate into a momentum towards 1.32. This pair should be traded alongside NZD/USD, AUD/USD and GBP/JPY. These pairs have a strong positive correlation of up to +0.82 and will have a similar price action during this intraday.
Trade Recommendations:
As long as the pair trades above 1.3375, expect a possible rebound from this level to go long with an ideal target at 1.3831. Sell positions are only recommended below 1.3375 with an ideal target at 1.32.
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