04 July 2017, GBP/USD
Wave Analysis:
Despite the bullish pin bar seen on Friday last week, the cable dropped in price during the previous trading day and is still pretty much bearish. We expect this downward rally to be the unfolding of the corrective wave (b) and should not extend below the daily support line 1.2769 from where we'll be looking to buy the impulsive wave (c) towards 1.33. This view can only be invalidated in case the price end up breaking below 1.2769, if this is the case, then an a bearish momentum towards 1.2440 is inevitable. Expect a similar wave count in GBPCAD, GBPAUD and EURUSD. These pairs have a strong positive correlation of up to +71% and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bearish price rally towards 1.2769.
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