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Buy the cable above 1.3477

Buy the cable above 1.3477 | 02 November 2017

02 November 2017, GBP/USD

Buy the cable above 1.3477

Wave Analysis:

For a considerable duration now, the cable has been making higher lows and could continue with the same trend this week and even next week. Perfectly as previously forecasted, the first impulsive wave (1) extended slightly to the upper side but is still below 1.3477. We're still optimistic this pair is still very bullish and will rise higher. But, if your're a bit hesitant to long the cable now, you could wait for a break above 1.3477, then a pullback to the same zone, 1.3477-1.3428, then buy the impulsive wave (3) with an ultimate target at 1.38. If the view can only be rendered futile in case the price rebound from 1.3477 or breaks below 1.314. If this is the case, then a rally downwards is expected.

Trade Recommendations:

Remain long towards 1.3477. Alternatively, you could wait and buy the cable above 1.3477 with your take profit at 1.38

FreshForex cancels commissions!

Bob Stan
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