18 August 2017, GBP/USD
Wave Analysis
Since the beginning of this week, the impulsive wave (c) extended lower perfectly as we expected but is currently consolidating within a tight range 1.2892-1.2864. We're waiting for a clear break out of the wedge to pick a good position; although a break on either sides have equal chances, a break below this range will provide the best entry trade, since this pair has been a downtrend, and should continue downwards even during this intraday. The anticipated break below is merely the continuatiion of the impulsive wave (c) but should not go beyond 1.27735. Expect a similar wave count in EURUSD, NZDUSD and AUDUSD. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Short this pair now with an ideal target at 1.27735
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