GBPUSD – Flat Wave Analysis: Despite our expectations to continue bullish following the bullish engulfing candle seen on the daily chart on Feb 7th 2017, the cable traded impulsively short during the Friday’s trading day and even ended up below a key pivot level 1.2414. As long as the pair remains below this level we expect further bearish wave count but should not go beyond 1.222. Buy positions may only be reconsidered in case the pair end up above 1.2414 and most importantly above 1.2465. Expect a similar wave count in GBPNZD, GBPAUD, GBPHKD and EURUSD. These pairs will have a similar price action during this intraday. Only buy or sell the cable if the positively correlated pairs are giving the same signal. Trade Recommendations: As long as the price remains below 1.2414, look for potential sell positions with an ideal target at 1.222.
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