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The Cable preparing to continue short

The Cable preparing to continue short | 13 March 2017

13 March 2017, GBP/USD

The Cable preparing to continue short

Wave Analysis:

As expected, the corrective wave (iv) traded massively long but could not go beyond the upper resistive trend line forming top of the falling channel. We expect the bearish pin bar witnessed during the previous trading day around this trend line to have marked an onset of bearish price rally and should be the continuation of the impulsive wave (v) towards 1.20 and break lower to 1.19, In the meantime, we're waiting for a clear break below 1.2146 to confirm the continuation of this bearish price rally. Expect a similar wave count in NZDUSD, 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 a clear break below 1.2146 to go short with an ideal target at 1.19.

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Bob Stan
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