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The cable around a key daily support line 1.3025

The cable around a key daily support line 1.3025 | 07 August 2017

07 August 2017, GBP/USD

Wave Analysis

During the previous week’s last two trading days, the cable dropped almost 300pips and is currently rallying above a key daily support level 1.3025. As long as this level protects the lower side, we expect a possible rebound from this level to rebuy the impulsive wave (c) to the upper side but should not go beyond 1.33. If the support (1.3025) is broken, then a bearish acceleration towards 1.2774 will be inevitable. This pair should be traded alongside GBPAUD, EURUSD, AUDUSD and NZDUSD. These pairs have a strong positive correlation of up to +61% and will move in the same direction during this intraday.

Trade Recommendations:

Expect a rebound from 1.3025 to buy the cable towards 1.33

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Bob Stan
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