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GBPUSD Still to rise

GBPUSD Still to rise | 16 October 2017

16 October 2017, GBP/USD

GBPUSD Still to rise

Wave Analysis:

After hitting the daily support 1.2111 in February this year, the cable has been making higher lowers and even broke above the resistance levels 1.2811 but only tempted to break above 1.3477. Following the return below 1.3477, we remain flat while evaluating the situation, we're keen waiting for a second rise above 1.3477 to re-buy the impulsive waves (3) and the outer impulsive wave (E) with the first target at 1.4091 and the next target at target at 1.4740. This pair should be traded alongside other positively correlation with EURUSD, NZDUSD, AUDUSD and GBPNZD. These pairs have a strong positive correlation of up to +71% and will move in the same direction today.
Trade Recommendations:
Wait and buy the cable above 1.3477 with your target at 1.4091

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Bob Stan
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