27 January 2017, GBP/USD
Wave Analysis:
Yesterday, the cable retraced to the lower side and is still showing signs of retracing further to the lower side. We expect further bearish corrections to the lower side but should not go beyond 1.2509 from where we'll be looking for low risk buy opportunities. The anticipated upward rally is the continuation of the impulsive wave (c) towards the short resistance level 1.2725. Any clear break above this resistance level will push the price further to the upper side towards 1.2922 while a clear rebound from this level will call for short positions. Expect a similar wave count in EURUSD, GBPHKD, AUDUSD and NZDUSD. These pairs have a strong positive correlation of up to +89% and will have a similar price action during this intaday.
Trade Recommendations:
Wait for the current bearish retracement to end around 1.2509 then go long with an ideal target at 1.2725. A break above 1.2725 will call for further long positions with the next target at 1.2922. Sell positions may only be recommended below 1.2412 or upon a clear rebound from 1.2725
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