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The cable fails to go below 1.2440 but still within the upper resistive trendline

The cable fails to go below 1.2440 but still within the upper resistive trendline | 06 April 2017

06 April 2017, GBP/USD

The cable fails to go below 1.2440 but still within the upper resistive trendline

Wave Analysis:

Yesterday, the cable rebounded perfectly from the support line 1.24400 but is still within the upper resistive trend line. We're still jittery to open any long positions unless the price gets above the upper trend line, if this is the case, then an acceleration towards 1.2725 will be inevitable. This view can only be rendered futile in case the pair end up above 1.24078, should this happen, then a momentum to the lower side will be inevitable. Expect a similar wave count in AUDUSD, GBPNZD, GBPCAD and NZDUSD. These pairs have a strong positive correlation of up to +89% and will move in the same direction during this intraday.

Trade Recommendations:

Remain flat momentarily and only go short below 1.24078 with an ideal target at 1.2156.

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Bob Stan
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