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Bulls are still in control

Bulls are still in control | 19 October 2017

19 October 2017, GBP/USD

Bulls are still in control

Wave Analysis

In the previous intra day, the impulsive wave (E) extended upwards towards our target but is yet to hit it. We expect this wave to extend further upwards towards the next daily resistance zone 1.3428 – 1.3477. If price breaks this resistance level, we will expect the impulsive wave(E) to extend further upwards towards 1.4740. We should be buying this pair since the market is still showing a bullish sentiment. This trade may be invalidated if price price gaps or breks below 1.2811. This pair should be traded alongside NZDUSD, AUDUSD and GBPNZD since these pairs have a strong positive correlation of up to +71%.

Trade Recommendations.

Bulls are still in control.

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Bob Stan
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