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Expect a possible bullish price rally

07 November 2016, GBP/USD

Expect a possible bullish price rally
Wave Analysis:
Yesterday, the cable sustained the breakout above the short resistance zone 1.2394-1.2438 and will likely head further to the upper side. As long as this zone protects the lower side, we expect a possible bullish price movements towards 1.2906 or even higher. At the moment, sell positions remains too risky to trigger, instead, we choose to sit on the sidelines and only hunt for potential buy positions. Expect a similar wave count in EUR/USD. These pairs have a strong positive correlation of up to +0.85 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 1.2906 or even higher.

Graham Osano
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