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The Demand for the Cable still high

The Demand for the Cable still high | 25 January 2017

25 January 2017, GBP/USD

The Demand for the Cable still high

Wave Analysis:

Yesterday, the daily candle opened at 1.2533, went as low as 1.2417, but ended up closing at 1.2519, just few pips below it's opening price. Although the previous day's candle signals a possible increase in the number of buyers, we're only interested in going long above the previous day's highest high, 1.2543. Otherwise, this pair could retrace to the lower side even during this intraday but should not go below 1.2414 from where we'll be looking for low is buy opportunities. The anticipated buy positions should be the continuation of the impulsive wave (c) but should not to go below 1.2725. Expect as similar wave count in EURUSD and GBPHKD. These pairs have a strong positive correlation of up to +90 and will have a similar price action during this intraday.

Trade Recommendations:

Wait for a clear break above 1.2543 to go long with an ideal target at 1.2725.

Bob Stan
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