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Bulls expected to come in

Bulls expected to come in | 24 August 2017

24 August 2017, GBP/USD

Bulls expected to come in

Wave Analysis

Perfectly as previously expected, the impulsive wave (c) extended lower and is currently hitting our target set at 1.27735. This is a key daily support level and as long as it remains intact, we expect a possible rebound from this level to long gbpusd with an ideal target at 1.30245. If this support is violated, then we'll wait for a break break below 1.27356, to confirm a possible rally to the lower side with a target at 1.24400. Key support levels are set around 1.27735, 1.24400 and 1.21560, if the price rebounds from these levels, then these will provide good buy places. Trade this pair alongside CADJPY, USDJPY and USDCHF. These pairs have a strong negative correlation to the candle and will move in opposite price action during this intraday.

Trade Recommendations:

Buy the cable upon a rebound from 1.27735 with a target at 1.30246.

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Bob Stan
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