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The cable rallying around 1.2293

The cable rallying around 1.2293 | 16 March 2017

16 March 2017, GBP/USD

The cable rallying around 1.2293

Wave Analysis:

Yesterday, the cable traded unceasingly to the upper side and even broke above our anticipated rebound level 1.2184 and is currently showing further momentum to the upper side. Following this breakout, we entered a long position at the candle marked with the green arrow with our first target at 1.2293 and the next target at 1.2411. Although we expect further momentum to the upper side, we'll only trigger buy orders upon a clear break above 1.2310. A break above this level will mean we're heading further to the upper side but should not go beyond 1.2411. A clear rebound from 1.2293 may invalidate the anticipated upward rally and will call for short positions with an ideal target at 1.2184. Expect a similar wave count in EURUSD, AUDUSD and GBPHKD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Wait for a clear breakout above 1.2310 to go long with an ideal target at 1.2411. Sell positions may only be recommended in case the pair end up rebounding perfectly from 1.2293.

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Bob Stan
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