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Bull gaining control

Bull gaining control | 07 July 2017

07 July 2017, GBP/USD

Bull gaining control

Wave Analysis:

Perfectly as previously forecasted, the corrective wave (b) ended a bit earlier and could not extend below the short term support level 1.2910. We expect the level 1.2910 to have marked the end of this correction that the current upward rally is the continuation of the impulsive wave (c) upwards but should not go beyond the weekly resistance level 1.3455. Although this upward rally is highly anticipated, conservative traders can wait for a break above 1.3021 to confirm the continuation of this upward rally. Expect a similar wave count in AUDUSD, NZDUSD and GBPCAD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Wait for a breakout above 1.3021 to long this pair with an ideal target at 1.3455.

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Bob Stan
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