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Clear rejection from the pivot level 1.2417

Clear rejection from the pivot level 1.2417 | 09 January 2017

09 January 2017, GBP/USD

Clear rejection from the pivot level 1.2417
Wave Analysis:
During the previous trading day on 6th Jan 2016, instead of continuing long, the cable rebounded perfectly from the pivot level 1.2417, dropped drastically and is currently trading below 1.2288, although we expect further acceleration to the lower side, we're waiting for a clear breakout below 1.22248 to confirm the continuation of the bearish price rally towards 1.2029. In the meantime, we're not interested in buy positions, either we're short or we choose to stand a side. This pair should be traded alongside EURUSD, NZDUSD, and AUDUSD. These pairs have a strong positive correlation of u[p +78% and will have a similar price action during this intraday.

Trade Recommendations:

If you're not short already, wait for a clear break below 1.2224 then go short with an ideal target at 1.2029.

Bob Stan
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