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Bullish momentum developing

Bullish momentum developing | 27 October 2016

27 October 2016, GBP/USD

Bullish momentum developing

Wave Analysis

The cable could not sustain the break below the lower trend line forming bottom of the rising channel. Instead, the pair traded long and ended up with the channel. During this intraday, we expect a possible bullish price movements towards the upper trend line or even higher. The current chart set up is pretty much bullish and selling this pair could be disastrous in the long, thus, we're only keen on buy signals. Expect a similar wave count in EUR/USD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Remain long with an ideal target at $1.2394.

Bob Stan
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