02 April 2018, GBP/USD
Wave Analysis:
Few days ago, the cable rose slightly to the upper side but failed to go beyond the upper resistance trendline. We expect this fail to have marked the end of the previous impulsive five wave cycle, that the current bearish price rally is the unfolding of a corrective three wave cycle and break below the lower trendline towards the daily support level 1.35897. If you're not short already, you could wait for a break below the lower trendline to short the next impulsive wave (c) towards 1.35892. The while idea here is to look for a low risk short position with an ultimate target at 1.3589.
Trade Recommendations:
Sell the cable below 1.35867 towards 1.35897.
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