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Buyers are at 1.3662

Buyers are at 1.3662 | 08 March 2018

08 March 2018, GBP/USD

Buyers are at 1.3662

Wave Analysis:

The cable continues to pullback to the upper side but could come crashing down anytime. From the previous day's forecasts, we're still waiting for a rebound from the daily support set at 1.3662 to pick a long position with an ultimate target at 1.4618. As long as the price remains above 1.3662, this level remains to be the best place to buy this pair, otherwise, should the price break below, then we're be waiting for a bearish dominance confirmation to short the cable with an ideal target at 1.3135. This pair should be traded alongside GBPHKD, GBPSGD and GBPMXN. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendation:

Buy cable at 1.3662 with your take profit at 1.4618

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Bob Stan
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