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Bullish momentum developing

31 October 2016, GBP/USD

Wave Analysis:

The Cable continues to consolidate with the rising wedge despite the massive bullish breakout witnessed in Euro. Since Euro and The cable are positively correlated, we expect a possible bullish rally in pound, That is, a continuation of the impulsive wave E towards $1.2194. Although the upward rally is highly anticipated, we cannot rule out the possibility of breaking below the wedge. If the latter is the case, then we expect an impulsive bearish rally towards $1.1820 or even lower. Trade this pair alongside EUR/USD and EUR/AUD. These pairs have a strong positive correlation of up to +90% and will have a similar price action during this intraday.
Trade Recommendation:
Expect a possible bullish price movements towards $1.2881.
Graham Osano
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