13 May 2016, GBP/USD
Wave Analysis:
GBP/USD is currently trading with a slight bullish bias. Yesterday, the pair broke above the channel but ended up within the same channel. As long as the pair trades within this channel, expect a rally to the lower side, a clear breakout above 1.4480 will lead to an acceleration to the upper side but should not go above 1.46637. During this intraday, key levels to look for include 1.4106, 1.4178, 1.4304, 1.44061, 1.4480, and 1.4663. This pair should be traded alongside AUD/USD, GBP/CHF, NZD/USD, and GBP/CHF. These pairs have a strong positive correlation of up to +0.92 and will likely have a similar price action during this intraday.
Trade Recommendations:
As long as the pair trades within the descending channel, expect an accelation to the lower side. If you are not short already, wait for a clear breakout below 1.44061 to go short with your targets at 1.43040, a clear breakout below this target will push the price further to the lower side with the next target at 1.4193. This view can only be invalidated should the price end up closing above the resistance level 1.4480. A clear break above this level will call for long position with your target at 1.46637.
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