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Bears still have some strenth left

Bears still have some strenth left | 09 March 2017

09 March 2017, GBP/USD

Bears still have some strenth left

Wave Analysis:

Just as in Euro, for almost a fortnight, the cable has been making lower lows, lower highs and is still pretty much bearish on the longer time frames. Although we expect further momentum to the lower side, we choose to remain flat momentarily and wait for minor bullish pullbacks towards 1.217 to continue short. The anticipated bearish price rally is the continuation of the inner impulsive wave v and the outer motive wave (5) towards 1.20 and could break lower. This pair should be traded alongside NZDUSD, EURUSD, AUDUSD and GBPHKD. These pairs have a strong positive correlation of up to +85% and will have a similar price action during this intraday.

Trade Recommendations:

Wait for minor bullish pullbacks to go long with an ideal target at 1.20.

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Bob Stan
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