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The cable retracing

The cable retracing | 17 January 2017

17 January 2017, GBP/USD

The cable retracing

Wave Analysis:

Following the gap witnessed over the weekend, the cable continues to pullback to the upper side and should continue bullish as long as it remains above 1.2029. During this intraday, we expect further momentum to the upper side with our first target at 1.21117 and the next target at 1.2227. A break above 1.2227 will push the price further to the upper side with an ultimate target at 1.2743. Sell positions will only be reconsidered upon a clear rebound from 1.2227 or below 1.1992. Expect a similar wave count in EURUSD, NZDUSD, and AUDUSD. These pairs will have a similar price action during this intraday, only buy or sell the cable if the other pairs are giving the same signal.

Trade Recommendations:

Remain long with the first target at 1.21117 and the next target at 1.2227

Bob Stan
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