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Bulls will be back shortly

Bulls will be back shortly | 27 October 2017

27 October 2017, GBP/USD

Bulls will be back shortly

Wave analysis

In the previous intraday, the cable pulled back slightly but did not go below the previous higher low. This pull back is expected to be just temporary and should not go below 1.3061.After this pull back the inner impulsive wave (1) of the outer impulsive wave (E) is expected to extend higher towards the next daily resistance zone 1.3428 – 1.3477.Look for a long position with your target at 1.3428 or if you are hesitant, wait for a break above this resistance zone 1.3428 – 1.3477 and buy the cable towards 1.4740.This pair should be traded alongside AUDUSD, NZDUSD, GBPAUD and GBPNZD. These pairs have a strong positive correlation and they will move in the same direction during this intraday.

Trade recommendation.

We are still long towards 1.4740.

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Bob Stan
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