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Remain Long

13 September 2016, GBP/USD

Remain Long

Wave Analysis

As previously forecasted, the corrective wave (b) could not close below the now supportive trend line and instead has rebounded from it. The current upward rally is the unfolding of the impulsive wave (c) but should not go beyond the resistance level 1.4111. Following the rebound from the lower trend line, now is the correct time to buy the cable with an ideal target at the resistance level 1.4111. Expect a similar impulsive rally in NZD/USD and AUD/USD pairs. These pairs have a strong positive correlation and will have a similar price action during this intraday.

Trade Recommendations:

We are long with an ideal target at 1.4111.

Graham Osano
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