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The Cable retracing to the upper side but should not go beyond 1.24822

The Cable retracing to the upper side but should not go beyond 1.24822 | 30 March 2017

30 March 2017, GBP/USD

Wave Analysis:

As previously forecasted, the pair retraced to the upper side but could not go beyond 1.24822. We expect the the current upward rally to be a mere corrective rally and should be the second retest of 1.2472. Instead of going short immediately, We choose to remain flat momentarily and wait for price to rebound from 1.24822 to go short with our previous target still intact at 1.2193. This view is supported by the fact that the price just rebound from a key resistive trend line on the daily chart, shown below, and will likely remain short as long as the pair remains below it.

Expect a similar wave count in EURUSD and NZDUSD. These pairs will have similar price action during this intraday.

Trade Recommendations:

If you're not short already, wait and sell go upon a clear rebound from 1.2472

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Bob Stan
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