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Buy upon a rebound from 1.3302

Buy upon a rebound from 1.3302 | 13 December 2017

13 December 2017, GBP/USD

Buy upon a rebound from 1.3302

Wave Analysis:

The cable continues to correct itself downwards but should not go beyond the daily short term support zone 1.3303-1.3287. Should this support be violated, then we'll wait for a confirmation that the price will continue to plunge to the lower side but should not go beyond 1.3061. From the current chart set and structure, only a long position looks more ideal and can be recommended especially if the price can rebound from 1.3303-1.3287, this being the case, we expect a massive rise to the upper side with the first target at 1.3477 and the next target at 1.4365. . The anticipated bullish price rally is the continuation of the impulsive five wave cycle and should not go beyond 1.50 by the close of this month.

Trade Recommendations:

Buy the cable upon a rebound from 1.3303-1.3287 with an ultimate target at 1.4365

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Bob Stan
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