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Buy above 1.22812

02 November 2016, GBP/USD

Buy above 1.22812

Wave Analysis

Yesterday, the cable opened at $1.22435 but ended up closing at $1.22441, 6 pips from its opening price. The previous day's candle is an indecision candle, which means chances of moving to the either sides of the market are pretty much equally, thus, although we expect to continue long with the impulsive wave (E)in the long run, we choose to stay on the sidelines and only buy above $1.2285 towards $1.2438. This upward rally is highly anticipated since the other positively correlated pair, EUR/USD is very bullish and will have a similar price action during this intraday.

Trade Recommendations:

Remain long with an ideal target 1.2438.

Graham Osano
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