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  4. Holiday trading: GBP/USD Bearish Wolfe Wave Shaping on Intraday Timeframe

Holiday trading: GBP/USD Bearish Wolfe Wave Shaping on Intraday Timeframe

December 30, 2016 14:40

As the US job market continues to impress, with Unemployment Claims at record lows for over 40 years, the strength in the USD should continue into the new year with monetary policy tightening well within the realms of the Fed. As the fallout from a Brexit still hurts the GBP, the UK data has been reasonably solid in the recent months. We need to be careful as the GBP is trading at multi-year lows, and this could reverse in counter-trend. However from a strict intraday perspective we see a bearish wolfe wave structure.

Have in mind that this is holiday trading and the last trading day of 2016. The pair is already at ATR resistance and it has overshot its ATR for last 14 days. The GBP/USD need to drop below 1-3 Trend line to proceed down. EPA - Estimated Price at Arrival target is 1.2267. That is the final target but in this case watch ATR levels 1.2333 and 1.2305 as possible targets. Only a strong momentum below 1.2300 could tank the price towards EPA.

HAPPY NEW 2017!

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