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A spike above a weekly retracement level 1.2744

A spike above a weekly retracement level 1.2744 | 19 April 2017

19 April 2017, GBP/USD

A spike above a weekly retracement level 1.2744
Wave Analysis:

Yesterday, the cable spiked to the upper side and even broke above a key weekly retracement level 1.2744. The corrective wave (4) have moved a bit higher than expected and if the weekly candle can close the way it is right now, then an acceleration to the upper side is inevitable. However, if the price can pullback and close below 1.2744, by the end of this week, then we'll continue with the impulsive wave (5) towards 1.10 or even lower. As at the moment, we choose to remain on the sidelines but if the price close above 1.2744 then we will buy pound towards 1.3275. Expect a similar wave count in GBPHKD, AUDUSD, GBPCAD and GBPNZD. These pairs will have a similar wave count during this intraday.

Trade Recommendations:

Remain flat momentarily

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Bob Stan
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