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bearish but still above 1.2468

bearish but still above 1.2468 | 10 February 2017

10 February 2017, GBP/USD

bearish but still above 1.2468

Wave Analysis

Instead of going long as previously forecasted, the cable went slightly to the upper side but ended up closing red and is currently bearish but still above 1.2468. As long as this level protects any invasion to the lower side, we expect a possible rebound from this level to go long with our previous TP still intact at 1.2725. Any clear break below 1.2468 will mean waiting for a break below 1.2417 to confirm the continuation of the bearish rally towards 1.222. Expect a similar wave count in EURUSD, GBPAUD, GBPHKD, and GBpNZD. These pairs have a strong positive correlation of up to +78% and will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible rebound from 1.2468 to re-buy the green bar with an ideal target at 1.2725. Sell positions may only be reconsidered below 1.2417 with an ideal target at 1.2417.

Bob Stan
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