13 September 2016, GBP/USD
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.
We are long with an ideal target at 1.4111.
Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us