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Still bullish but should be capped by 1.2556

Still bullish but should be capped by 1.2556 | 27 March 2017

27 March 2017, GBP/USD

Still bullish but should be capped by 1.2556
Wave Analysis:
For almost two weeks now, the cable has been in an overall upward rally but is currently approaching a key daily resistance line at 1.2556. Following the break above 1.2482, we're waiting for a clear rebound from this level to continue long with the impulsive wave (5) but should not go beyond 1.2556 from where we expect to be an onset of a corrective three wave cycle. While we'll be looking to sell this pair, we'll equally be looking to buy USDCHF, USDJPY and CADJPY. These pairs have a strong negative correlation to the cable and will move in exact opposite price action during this intraday.

Trade Recommendations:

Wait for a clear buy signal to go long with an ideal target at 1.2556. A break above this level will push the price further to the upper side but should not go beyond 1.2725. A clear rebound from 1.2556 will call for short positions with an ideal target at 1.2357.

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Bob Stan
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