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Bulls are back

Bulls are back | 31 October 2017

31 October 2017, GBP/USD

Bulls are back

Wave analysis

In the previous intraday, the inner impulsive wave (i) of the outer impulsive (E) extended towards the daily support zone 1,.3428 - 1.3477 just as predicted. Look for a long position to buy this pair with your target at 1.3428 if you did not buy it before.This anticipated bullish price rally is valid as long as price is above the previous higher low 1.3061.If you are hesitant to buy this pair now, wait for a break above the daily resistance zone 1.3428 - 1.3477 and buy it towards 1.4091. If price breaks or gaps below this prevoius higher low, this trade may be invalidated.This pair should be traded alongside AUDUSD, NZDUSD, GBPAUD and GBPNZD. These pairs have a strong positive correlation and will move in the same direction during this intraday.

Trade recommendation.

We are long towards 1.3428.

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Bob Stan
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