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Bulls control

Bulls control | 01 August 2017

01 August 2017, GBP/USD

Bulls control

Wave Analysis:

For more than a month now, the cable has remained contained above the rising supportive trend line and is not showing any signs of possibly breaking below it. As long as this trend line protects the lower side, we expect a possible rally to the upper side. The anticipated upward rally is the continuation of all the impulsive waves v, (c), and (c) but should not go beyond the resistance level 1.36554, if this level is broken, then price could extend even further upwards. This pair should be traded alongside EURUSD, AUDUSD, NZDUSD and GBPAUD. These pairs have a strong positive correlation of up to +63% and will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bullish price rally towards 1.36554

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Bob Stan
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