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Remain short

Remain short | 11 October 2016

11 October 2016, GBP/USD

Remain short

Wave Analysis

The Cable continues to hit lower lows and will likely head further to the lower side.We expect minor corrections of the impulsive wave (c) to give us low risk sell opportunities towards $1.1700. At the moment, this pair is pretty much bearish, and executing buy orders may not be fruitful at all. We hope to trade this pair alongside USD/CAD. This pair have a strong negative correlation of up to -46% and will have an exact opposite price action during this intraday.

Trade Recommendation:

Remain short with the first target at 1.1700.

Bob Stan
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