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Look for a long position.

Look for a long position. | 26 February 2018

26 February 2018, GBP/USD

Look for a long position.

Wave Analysis:

After a drop on Friday, the cable established a daily support at 1.3912. As long as this support protects the upper side, we expect a possible price movements to the upper side and should break above 1.4266 towards 1.4618. The anticipated bullish price rally is just a phase of the initial impulsive wave (v) and may extend above 1.4618. This pair should be traded alongside GBPHKD, GBPSGD, AUDUSD, EURUSD and GBPCHF. these pairs have a strong positive correlation of up to +52% and will move in the same direction today. Only buy or sell the cable if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Look for a long position towards 1.4618

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Bob Stan
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