20 January 2017, GBP/USD
Wave Analysis:
Euro continues to retrace to the upper side but not with the same momentum with which it fell on Jan 8th 2016. We expect the upward rally witnessed yesterday to be an onset of a bullish correction and should not go beyond the pivot level 1.2413; where we'll be looking for a low risk sell opportunities. A break above this pivot will mean we're continuing long with the impulsive wave (c) towards 1.2725 and possible higher. Expect a similar price movements in NZDUSD, AUDUSD and EURUSD. These pairs have a strong positive correction of up to +86% and will have a similar price action during this intraday. Only buy or sell GBPUSD if the other pairs are giving the same signal.
Trade Recommendations:
Remain on the sidelines but wait for a break above 1.2413 to go long with your target at 1.2725, or a clear rejection from 1.2412 will mean looking for sell signals to go short with your first target at 1.2227 and the next target at 1.1987.
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