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Wait for a bullish rebound around 1.2774

Wait for a bullish rebound around 1.2774 | 25 August 2017

25 August 2017, GBP/USD

Wait for a bullish rebound around 1.2774

Wave Analysis

For the past few days, the cable has been in a constant down trend but is currently approaching a key daily support zone 1.2774. -1.2736, we expect this zone to shield the lower side from any invasion from the upper side, thus, as long as it remains intact, we looking for along position around this zone. . If this zone is broken, then an impulsive wave count towards 1.2440 will be inevitable, but as the current chart set up would have it, we're only interested in long positions. This pair will have a similar price action to EURUSD, GBPHKD and NZDUSD. These pairs, especially the first two have a strong positive correlation to the cable and will move in the same direction.

Trade Recommendations:

Wait for a rebound around 1.2774 to long this pair towards 1.3025

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Bob Stan
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