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A break below 1.2227

A break below 1.2227 | 10 January 2017

10 January 2017, GBP/USD

A break below 1.2227

Wave Analysis:

Following the rejection from the pivot level 1.2417, the cable gaped to the lower side, traded massively short and even broke below 1.22271. We expect further bearish momentum as long as the pair remains below this level. A break above 1.2227 may invalidate the anticipated downward rally and could lead to an acceleration towards 1.2417 or even higher to 1.2725. But as it appears, as long as the level 1.2227 prevents any invasion to the upper side, we expect further bearish wave count towards 1.2029 and possible lower to 1.1139. Expect a similar wave count in EURUSD, GBPHKD and AUDUSD. These pairs will have a similar price action during this intraday. Only buy or sell the cable if the other pairs are giving the same signal.

Trade Recommendations:

Remain short with an ideal target at 1.2029

Bob Stan
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