31 March 2017, GBP/USD
Wave Analysis:
Yesterday, the cable rounded perfectly from the support line 1.2416, but is currently stalling around a pivotal level 1.2479. Unless there's a clear break above this level, we choose to hold onto a bearish bias sentiment on this pair. Ideally, we expect a possible rebound from 1.2479 to go short with our target at 1.2416 and the next target at 1.2345. This view is supported by the fact that the daily chart, shown below, is below a key resistive trend line and will remain bearish as long as the pair this trend line protects any invasion to the upper side.
Expect a similar wave count in NZDUSD, GBPHKD, EURUSD and AUDUSD. These pairs will have a similar price action during this intraday.
Trade Recommednation:
Expect a possible revound from this level to go short with an ideal target at 1.2345.
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