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Watch out for 1.2413

Watch out for 1.2413 | 18 January 2017

18 January 2017, GBP/USD

Watch out for 1.2413

Wave Analysis:

Yesterday, the cable traded massively long broke above 1.2227 but could not go higher than 1.2413. This level acted as a key supply level on Jan 5th 2017, and will likely act as a supply level during this intraday. Thus, unless there's a clear breakout above this level, we choose to hold onto a bearish sentiment in this pair. A break above 1.2413 will push the price further to the upper side towards 1.2743 or even higher. Expect a similar price action in GBPAUD, EURUSD, NZDUSD and AUDUSD. These pairs have a strong positive correlation of up to +89% and will have a similar price action during this intraday.

Trade Recommendations:

Wait for a clear breakout above 1.2413 to go long with an ideal target at 1.2743. But as long as the level 1.2413 protects any invasion to the upper side, expect a possible rebound from this level to go short with an ideal target at 1.2227.

Bob Stan
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