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Bears still in control

Bears still in control | 08 March 2017

08 March 2017, GBP/USD

Bears still in control

Wave Analysis:

For almost a fortnight, the cable has been making daily lower lows, higher lows and will likely head further to the lower side. Although we expect further momentum to the lower side, we choose to remain flat momentarily and wait for the inner corrective wave (iv) to end around 1.2214 the sell the impulsive waves (v) and continue short with the outer motive wave (5) towards 1.2155. A break below this level will push the price further to the lower side but should not go beyond 1.1998. Expect an exact similar wave count in EURUSD, GBPAUD and GBPHKD. These pairs will have an exact similar price action during this intraday.

Trade Recommendations:

Wait for minor bullish pullbacks towards 1.2213 to go short with an ideal target at 1.2155.

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Bob Stan
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