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Bulls eyeing a possible break above 1.2725

Bulls eyeing a possible break above 1.2725 | 02 February 2017

02 February 2017, GBP/USD

Wave Analysis

As previously forecasted, the corrective wave (4) ended around 1.2484 and now we're long with the impulsive wave (5). As long as the pair remains above 1.2482, we choose to hold onto a bullish bias sentiment on this pair. The current motive wave should not go higher than the daily resistance level 1.2917, any clear break above this level will push the price higher but should not go beyond 1.344. In the meantime, we're waiting for a clear break above the short term resistance level 1.2725 to give us the green light to continue long. Expect a similar price action in EURUSD and NZDUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

If you're not long already, wait for a clear breakout above 1.2725 to go long with an ideal target at 1.2917.

Bob Stan
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