28 September 2017, GBP/USD
Wave Analysis:
During the previous trading day, the corrective wave (2) extended lower than expected and still showing signs of extending even lower during this intraday. As long as the price remains above 1.31803, we expect a plunge to this level, 1.31803, to buy the impulsive wave (3) at the least risk possible with an ideal target at 1.36400. The rebound from 1.31803 is highly anticipated since the intraday stochastic is already below its oversold level of 20 and may move to the upper side. If the daily support level 1.31803 is violated, then further decline towards 1.27735 will be the next ideal target. This pair should be traded alongside GBPHKD, NZDUSD, and AUDUSD. These pairs have a strong positive correlation and will move in the same direction during intraday.
Trade Recommendations:
Buy the cable around 1.31803
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