26 January 2017, GBP/USD
Wave Analysis:
In December 5th 2016, while the price was at 1.2725, the intraday stochastic was above it's over bought level of 80, as at yesterday, the intraday stochastic is already above it's overbought level of 80 while the price is just a few pips from 1.2725. We expect a possible bearish rebound upon reaching 1.2725 since the intraday stochastic is already above it's overbought level and will likely reverse to the lower side. This reversal is likely to happen upon hitting the resistance level 1.2725. Any clear breakout above this level, 1.2725, will push the price further to the upper side but should not go beyond 1.3040. Any clear break above 1.2725 in the GBPUSD chart will mean a similar break below 0.9958 in the USDCHF. These two pairs have a strong negative correlation of up to -85% and will have an exact opposite price action during this intraday. Only buy or sell the cable if usdchf is giving you opposite signal.
Trade Recommendations:
Expect further bullish price movements towards 1.2725. Conservative traders should wait for a break above 1.2725 to go long with an ideal target at 1.3040.
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