07 April 2017, GBP/USD
Wave Analysis:
Since 28th March 2017, the cable entered into a contracting wedge not going above or below the trend lines forming top or bottom of this wedge. Unless there's a clear break out of this wedge, we choose to remain flat momentarily and wait for this breakout to go short or long depending on the direction. A break below this wedge will call for short positions with an ideal target at 1.222 while a break above this wedge will mean we're waiting for a break above the resistive trend line on the daily chart (Shown below) to confirm the continuation of the upper ward rally towards 1.2725.
GBPUSD Daily Chart:
Expect a similar wave count in GBPHKD and AUDUSD. These pairs will have similar proce action during this intraday.
Trade Recommendation:
Remain flat momentarily
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