17 November 2016, GBP/USD
Wave Analysis
Our sentiment about this pair remains the same. As previously forecasted, as long as the pair trades within the rising channel, we're are only interested in trading reversals. Any clear breakout out of this channel will call for a breakout trading depending on the direction of breakout. In the short term, we expect a bearish wave count towards the lower trend line and a possible breakout to the lower side. A key resistance level can be seen around 1.2743 while a key support can be seen at 1.2029. Expect a similar wave count in EUR/USD and EUR/AUD. These pairs have a strong positive correlation of up to +85% and will have a similar price action during this intraday. Only buy sell the cable if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Remain short with an ideal target along the lower trend line.
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