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Bullish but momentum diminishing

Bullish but momentum diminishing | 03 August 2017

03 August 2017, GBP/USD

Bullish but momentum diminishing

Wave Analysis

Despite our expectations that this pair could rise upwards, the cable is still reluctant to pick a momentum to the upper side. Looked at from the intraday stochastic point of view, this pair is currently overbought and should pick a momentum to the lower side. These two perspectives put together, we expect the indicator to follow price, not the other way, thus is the price should continue upwards, we expect the intraday stochastic to remain overbought, and since the price already overbought, we expect the anticipated upward rally to be short lived. The anticipated upward rally is the continuation of the impulsive wave (c) to the upper side but should not go beyond 1.36624. Expect a similar wave count in EURUSD, AUDUSD and NZDUSD.

Trade Recommendations

Expect a possible bullish price rally towards 1.36624

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Bob Stan
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