Long | 14 December 2017

14 December 2017, GBP/USD

Wave Analysis:

During the previous trading day, the impulsive wave (1) extended slightly to the upper side but still below the resistance level 1.3490. As long as this level continues to contain the price below it, we expect a rise towards it and a possible break above. This position is only good if you are already long, but if not, then wait for a break above 1.3490, then buy the impulsive wave (3) with an ultimate target at 1.46. This pair should be traded alongside GBPAUD, GBPCHF, GBPNZD and GBPHKD. These pairs will have a similar price action today.

Trade Recommendations:

We're still long with an ultimate target around 1.46.

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Bob Stan
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