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On the sidelines

On the sidelines | 26 December 2017

26 December 2017, GBP/USD

On the sidelines

Wave Analysis:

Since last week, we've not seen any significant move to the upper side. Instead, this pair continues to consolidate below the 1.35. As long as this zone protects the upper side, we choose to remain flat, but if the price can break above this zone(1.3533-1.3575), this will be a very good place to pick a long position with an ultimate target at 1.4382. The anticipated bullish price rally is the continuation of the impulsive five wave cycle cycle and should not go beyond the weekly resistance level 1.5045. As the movement, we choose to remain flat waiting for breakout above 1.35 33 to long this pair. This pair will have a similar price action to GBPAUD, GBPCHF and GBPHKD. These pairs have a strong positive correlation and will move in the same direction.

Trade Recommendations:

Buy GBPUSD above 1.3533 with your target at 1.45

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Bob Stan
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