05 July 2017, GBP/USD
Wave Analysis:
Despite the bullish pin bar candle seen on Friday, the cable continues to rally downward and could extend further low during this intraday. We expect the downward rally that began earlier this week to be the continuation of the corrective wave (b) but should not go beyond 1.2769 from where we'll be looking to buy the impulsive wave (c) at the least risk possible. As at the moment, Buying or holding onto a buy position in this pair may not be the best choice, but if the price reaches 1.1269, then this will be the best place to buy this pair. Expect a similar wave count in GBPAUD, EURUSD and GBPCAD. These pairs have a strong positive correlation of up to +71% and will move in the same direction.
Trade Recommendations:
Expect further bearish price rally towards 1.2769.
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