manager photo
Online Assistant
We will be pleased to answer any questions you may have
Write Call
QIWIInstant top-up
Log in

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
See also:
Agree with the review?
Traders' opinion:

Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.