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Key resistance around 1.27706

Key resistance around 1.27706 | 13 December 2016

13 December 2016, GBP/USD

Key resistance around 1.27706

Wave Analysis:

As anticipated, the cable retraced to the upper side but is yet to hit our target supply level 1.27706. We expect to continue long with the corrective wave (b) towards 1.27706 from where we'll be looking to sell the impulsive wave (c) towards 1.24228 and possibly lower to 1.2029. Any clear a breakout above 1.27706 will lead to a possible bullish price rally towards 1.3040 or even higher to 1.33092. The latter is likely to be the case in the long run since the previous week's candle is a near perfect bullish pin bar and will push the price to the upper side as long as the price remains above 1.27706. Trade this pair alongside EUR/USD, GBP/AUD, GBP/CAD and GBP/HKD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible rebound from 1.27706 to go short with the first target at 1.2422 and the next target at 1.2029. Any clear breakout above 1.2770 will mean we're heading long towards 1.3040.

Bob Stan
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