21 June 2017, GBP/USD
Wave Analysis:
Few days ago, the corrective wave (b) extended to the upper side but could not go beyond 1.27735-1.27204. We expect this zone to have marked the end of this correction that the current bearish price rally is the continuation of the impulsive wave (c) but should not go beyond 1.24400. A clear break below 1.24400 will mean waiting for a break below 1.24078 to confirm a possible extension of the impulsive wave (c) to the lower side but should not go beyond 1.21560. This view can only be invalidated in case the pair end up above 1.27735, if this is the case, then an acceleration to the upper side is inevitable. Expect a similar wave count in NZDUSD, EURUSD and AUDUSD. These pairs have a strong positive correlation of up to +71% and will move in the same price action during this intraday.
Trade Recommendations:
Expect a possible bearish price raly towards 1.24400
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