01 March 2017, GBP/USD
Wave Analysis
Following the break below the rising wedge, the motive wave (c) traded short and went a bit lower than expected but could not go beyond 1.2364. Although we still expect further momentum to the lower side, we're only interested in going short upon a clear breakout below 1.2364, if this is the case, then we expect an extensive wave (c) but should not go beyond 1.2252. Any clear rebound around 1.236 will mean looking for long positions with an idea target at 1.2725. As long as we're short in this pair, we choose to remain long in USDCHF, and USDJPY. These pairs have a strong positive correlation and will have an exact opposite price action during this intraday.
Trade Recommendations:
Wait for a clear break out below 1.2364 to go short with an ideal target at 1.2252.
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