13 February 2017, GBP/USD
Wave Analysis:
Despite the bullish engulfing candle witnessed on Feb 7th 2017, the cable continues to retrace to the lower side but is currently finding it hard to close below 1.2467. Unless there a clear close below this level this level, we choose to hold onto our previous buy positions. If there’s a close below this level, then we’re consider going short towards 1.222 or even lower, But in the meantime, we choose to hold onto a bullish bias sentiment on this pair. Expect a similar wave count in AUDUSD, NZDUSD and GBPHKD. These pairs have a strong positive correlation of up to +89% and will have a similar price action during this intraday. Only buy or sell the cable if the other pairs are giving the same signal.
Trade Recommendations:
As long as the pair remains above 1.2467, we choose to remain long with our previous buy position.
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