03 February 2017, GBP/USD
Wave Analysis
Just as in Euro, instead of going long, the cable retraced lower than expected and is still pretty much bearish on the daily chart. We expect the downward rally witnessed during the previous trading day to be a mere correction of the impulsive wave (5) and should not go beyond the end of the corrective wave (4) from where we'll be looking to rebuy the impulsive wave (5) towards 1.2725. Any clear break below the end of wave (4),1.2415, will push the price further to the lowerside but should not go beyond 1.2222. Expect an exact similar price action in EUR/USD, NZDUSD, and GBPHKD. These pairs have a strong positive correlation of up top +87% and will have a similar price action during this intraday.
Trade Recommendations:
Wait for a clear rebound around 1.2452 to go long with the first target at 1.2725 and the next target at 1.2917. Sell positions may only be recommended below 1.2415 with an ideal target at 1.222.
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