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We're long

We're long | 03 November 2016

03 November 2016, GBP/USD

We're long

Wave Analysis

As anticipated, the motive wave (E) traded long but is yet to reach our short term target resistance zone 1.2394-1.2438. During this intraday, we expect a possible bullish wave count towards this zone or even a possible breakout above it. Any clear developments above this zone will mean we're continuing to the upper side towards $1.2650, while a clear rejection from this zone will culminate into a possible bearish wave count to the lower side. We expect a similar wave count EUR/USD. These pairs have a strong positive correlation of up to +86% and will have a similar price action during this intraday.

Trade Recommendations:

Remain long with an ideal target at 1.2438

Bob Stan
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