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We're long with our First TP at $1.2724

11 November 2016, GBP/USD

We're long with our First  TP at $1.2724

Wave Analysis

Yesterday, the Cable sustained the breakout above the consolidation zone, 1.2394-1.24384, and is still trading with an increasing upward momentum. We expect a possible bullish wave count towards $1.2701 or even higher. In the meantime, we sit on the fence and wait for a breakout above $1.2584 to confirm the continuation of the upward rally. Expect an exact opposite price action in USD/CHF, USD/JPY and USD/CAD. These pairs have a strong negative correlation of up to -80% and will have an opposite price action during this intraday. Only buy or sell the cable if the latter pairs are giving opposite signals.

Trade Recommendations:

Expect a possible bullish price movements towards 1.2701 or even higher.

Graham Osano
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