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Nothing has changed much, we'e still long

30 November 2016, GBP/USD

Nothing has changed much, we'e still long

Wave Analysis:

As anticipated, the cable rebounded perfectly from the lower trend line forming bottom of the rising channel, headed long but is yet to reach our target resistance level 1.2743. As long as this trend line limits any movements to the lower side, we expect to continue long with the impulsive wave E towards 1.2743. Any clear breakout above this level will push the price further to the upper side but should not go beyond 1.34056. Expect an exact similar wave count in EUR/USD, NZD/USD, AUD/USD and GBP/HKD. These pairs have a strong positive correlation of up to +93% and will have a similar price action during this intraday. Only buy or sell the cable if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Remain long with an ideal target at 1.2743

Graham Osano
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