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long | 31 January 2018

31 January 2018, GBP/USD

long

Wave Analysis:

After a correction of the impulsive wave (5) to the lower side, the cable got supported along the short term support level 1.4021, and is currently heading to the upper side, we expect a possible bullish momentum towards 1.4355 or even higher. As long as the price is supported by the support level 1.4021, we're long with an ultimate target at 1.45. A break below 1.4021 will push the price to the upperside towards 1.3815, or even lower. This pair should be traded alongside GBP versus Singapore dollar, Euro vs US Dollar, GBPCHF and GBPHKD. These pairs have a strong positive correlation of up to +53% and will move in the same direction today.

Trade Recommendations:

We're long towards 1.4355

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Bob Stan
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