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Looking for long positions around 1.30246

Looking for long positions around 1.30246 | 19 July 2017

19 July 2017, GBP/USD

Looking for long positions around 1.30246

Wave Analysis

Despite the bullish inside bar seen on Monday, the cable rose just slightly to the upper side but could not break above the resistance level 1.31025 instead the pair pulled back and ended up in a possible bearish pin bar closing just a above key support level 1.30246, the previous day's candle is just a mere correction and as long as the support level 1.30246 is not violated to the lower side, we expect a possible rebound from this level to rebuy the impulsive wave (c) at the least risk with a target at 1.34. Expect a similar price action in GBPAUD, EURUSD, AUDUSD and NZDUSD. These pairs have a strong positive correlation of up to +68% and will move in the same direction during this intraday. Only buy or sell this pair if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Expect a possible rebound from 1.30246 to long this pair towads 1.34.

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Bob Stan
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