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Bullish momentum developing

04 November 2016, GBP/USD

Bullish momentum developing

Wave Analysis

Eventually, the cable has broken above the short term resistance zone 1.2394-1.2438. This pair will likely trade with a bullish bias as long as it remain above $1.2438. Although we expect consolidations around this zone before continuing long, any clear developments below this zone may invalidate the anticipated upward movements and could lead to a possible bearish price movements towards $1.208. Expect a similar wave count in EUR/USD and EUR/AUD. These pairs have a strong positive correlation of up to +80% and will have a similar price action during this intraday.

Trade Recommendations:

As long as the zone 1.2394-1.2438 protects the lower side, expect a possible bullish price movements towards 1.2645 or even higher.

Graham Osano
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