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Buy above 1.3481 towards 1.4365

Buy above 1.3481 towards 1.4365 | 27 December 2017

27 December 2017, GBP/USD

Buy above 1.3481 towards 1.4365

Wave Analysis:

Last week and even earlier this week, no major movements has been seen towards our previous target set at 1.3481. As long as the cable continues to consolidate below 1.3481, we're on the sidelines, our expectations is that the cable should break above 1.3481 towards 1.4365 or even higher. This upward rally is merely the continuation of the first sub wave (1) to the upper side and should rise above 1.3481 where we'll continue to upwards with the next impulsive wave (3) towards 1.4365. From the chart above, its good to remain flat and only buy the cable above 1.3481. This pair should be traded alongside GBPAUD, GBPNZD, GBPHKD, GBPSGD and GBPMXN. These pairs have a strong positive correlation and will have a similar price action today.

Trade Recommendations:

Wait for a break above 1.3481 then buy candle towards 1.4365

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Bob Stan
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