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We're long with an ideal target at 1.3292

We're long with an ideal target at 1.3292 | 03 May 2017

03 May 2017, GBP/USD

Wave Analysis:

Instead of retracing further to the lower side. This pair barely retraced to the lower side but is currently showing signs of possible bullish dominance, we expect the current bullish price rally to be the continuation of the impulsive wave(v) to the upper side but should not go beyond 1.3292. In the meantime, we're waiting for a clear break above 1.2994 to confirm the continuation of this bullish price rally. Although this upward rally is highly anticipated, this pair could retrace further to the lower side but must not go beyond 1.27204. This pair should be traded alongside GBPAUD, GBPCAD and EURUSD. These pairs will have a similar price action during this intraday.

Trade Recommendation:

Wait for a clear breakout above 1.2994 to buy this pair with an ideal target at 1.3292

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Bob Stan
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