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The Cable Preparing to continue long but should first break above 1.24129

The Cable Preparing to continue long but should first break above 1.24129 | 20 March 2017

20 March 2017, GBP/USD

The Cable Preparing to continue long but should first break above 1.24129
Wave Analysis:
Just as in the Euro, despite our expectations to continue long, the cable is still reluctant to continue long and is currently approaching a key resistant level at 1.24129. Although we expect further momentum to the upper side following a break above 1.2355, we'll only be interested in executing long positions upon a clear break above 1.2412. A break above this level will push the price further to the upper side but should not go beyond 1.2725. The anticipated upward rally is the continuation of the impulsive wave (5) and should be extesnive in nature. This view can only be rendered futile in case the pair end up rebounding from 1.2412, if this is the case, then an acceleration to the upper side will be inevitable. Expect a similar wave count in GBPHKD, EURUSD and AUDUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Conservative trader should wait for a clear break above 1.2412 to go long with an ideal target at 1.2725

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Bob Stan
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