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Minor bearish corrections

Minor bearish corrections | 02 May 2017

02 May 2017, GBP/USD

Minor bearish corrections

Wave Analysis:

As anticipated, after breaking above 1.27906 this pair traded on the upper side but is currently showing signs of pulling back to the lower side. We expect the bearish price rally that happened yesterday to be a mere correction of the impulsive wave (v) and should not go beyond the end of the corrective wave (iv), 1.27900. This upward rally is highly anticipated since the monthly chart is a perfect bullish continuation candle and will likely push the price further to the upper side. Expect a similar wave count in EURUSD, GBPCAD, AUDUSD and NZDUSD. These pairs will have a similar wave count during this intraday. Only buy or sell the cable if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Expect a possible bullish price movements towards 1.33.

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Bob Stan
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