Bullish rebound from the lower trendline,
24 November 2016, GBP/USD
Yesterday, the cable pulled back to the lower side but could not go below the supportive trend line. As long as this trend line protects the lower side, we expect a possible rebound from this diagonal support to go long with an ideal target at the resistance level 1.2743. Any clear developments below this supportive trend line will culminate into an impulsive wave count towards 1.2155 and possibly lower. A key support level can be seen at 1.2029 while a key short resistance level can be seen at 1.2680. Expect a similar wave count in GBPHKD. These pairs have a strong positive correlation of +98% and will have a similar price action during this intraday.
Expect a possible rebound from the lower supportive trend line to go long with an ideal target at 1.2743. Sell positions are only recommended upon a clear rebound from 1.2743 or upon a clear breakout below the lower trend line.
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