07 February 2017, GBP/USD
Wave Analysis:
Instead of rallying to the upper side, the cable continues to retrace lower but should not go beyond the pivot level 1.2417. Any clear break out below this pivot will push the price further to the lower ranges but should not go beyond the support level 1.222 from where we’ll be looking for potential low risk buy opportunities. In the meantime, we choose to stand aside and wait for a possible rebound around 1.2417 to go long or short in case the level is broken to the lower side. Expect a similar price action in AUDUSD, NZDUSD, GBPHKD and EURUSD. These pairs have a strong positive correlation of up to +75% and will have a similar price action during this intraday.
Trade Recommendations:
Wait for a clear rebound around 1.2417 to go long, otherwise, any clear developments below 1.2417 will call for short positions with an ideal target at 1.222.
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