28 June 2016, GBP/USD
Wave Analysis
GBP/USD is currently trading with a bearish bias. Yesterday, the British pound plunged down further to the lows of 1.3117 but ended up retracing to the upper side. During this intraday, we still expect further bearish movement in this pair with an ultimate target below 1.3117. In the meantime, we sit on the sidelines and wait for a clear rebound from 1.3375 to give us the green light to go short. This pair should be traded alongside GBP/CHF, EUR/USD, and GBP/JPY. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.
Trade Recommendations:
Wait for a clear rebound from 1.3375 then go short with your ideal target at 1.3117. Buy positions are only recommended above 1.3375 with an ideal target at 1.3831.
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