Long term corrections almost coming to completion | 04 September 2017

04 September 2017, GBP/USD

Wave Analysis

After hitting the daily support level 1.2773, the cable has been in a constant up trend but should not go beyond 1.3027. We expect a possible extension of both the inner impulsive wave (c) and the outer corrective wave(b) but should not go beyond the daily resistance level 1.3027. Where we'll be looking to sell the impulsive wave (c) with an ultimate target at 1.2636. Should the price violate this resistance, then the cable could rise even further but should not go beyond 1.3245. This pair will have a similar wave count with GBPHKD, EURUSD, AUDUSD, NZDUSD and GBPNZD. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Sell the cable around 1.3027.

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Bob Stan
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