Thursday, September 29, 2016

Gbpusd Intraday Bullish Move Looks Corrective.

In the last update on the cable, we proposed a bullish move . The start of this bullish is expected to be an impulse sub-wave but right from the start of the move, it's been corrective. We wonder what alternative information price is passing across.

Keep track of our Cable intra-day analysis

We may be having an emerging double zigzag wave (iv) which may terminate at 1.3076-1.3124.
If price moves this way and then breaks below the rising channel, we will believe price has confirmed that the 5th wave is not yet complete. The scenario will require that we adjust our long term wave count as price may be on a journey to break below 1.29 and violate the longer term channel.

Note: We recommended a bullish trade from 1.2995 in our Telegram Channel with 85 pips stop loss. With this view, we have to adjust to 1.2977 (below the wave x of the double zigzag).

We will hold on to our previous bullish forecast if price breaks above 1.3124 powerfully otherwise we may have to think bearish.

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