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We're long towards 1.3477.

We're long towards 1.3477. | 17 October 2017

17 October 2017, GBP/USD

We're long towards 1.3477.

Wave Analysis:

Despite the fact that this pair has been making higher lows since hitting the lows of 1.2111, earlier yesterday, instead of continuing long as expected, we saw a slight drop in price. We expect this drop to be a mere correction of the inner wave (1), and a the outer large wave (E), and should not go beyond 1.3160, where we'll be looking to re-buy the impulsive wave (1) to the upper side. If you're a bit reluctant to buy this pair now, you could wait for a break above 1.3477, then a retracement to the same zone to Buy the impulsive wave (3) towards 1.4091. This pair should be traded alongside CADJPY, USDJPY, CHFJPY, and AUDJPY. These pairs have a strong negative correlation of up to +75% and will move in opposite price actions.

Trade Recomendations:

We're long towards 1.3477.

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Bob Stan
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