29 December 2016, GBP/USD
Wave Analysis:
Yesterday, the cable dropped drastically to the lower side despite our expectations to retrace to the upper side. The previous day's candle is a perfect bearish engulfing candle along a key pivot level 1.2285. And as long as the pair remains below this level,1.2285, we expect a possible bearish wave count towards 1.2029 and possibly lower. The current upward rally is a mere pullback and should not go beyond 1.2295 from where we'll be looking for potential low risk sell opportunities to continue short with the impulsive wave (c) to the lower side. Expect an exact similar wave count in GBPHKD, GBPAUD and GBPCAD. These pairs will have a parallel price action during this intraday.
Trade Recommendations:
If you're not short already, wait for minor pullbacks towards 1.2295 to go short with an ideal target at 1.2029.
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