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Bulls in control

Bulls in control | 05 May 2017

05 May 2017, GBP/USD

Bulls in control

Wave Analysis

As previously anticipated, the impulsive wave (v) picked a momentum to the upper side but is yet to hit our forecasted target. During this intraday, we expect further bullish momentum towards 1.33 or even higher. In the meantime, we're waiting for a clear break above the previous three day consolidation to buy this pair with an ideal target above 1.33. This pair should be traded alongside GBPHKD, GBPAUD, GBPAUD GBPCAD and GBPCHF. These pairs have a strong positive correlation of up to +86% and will move in the same direction during this intraday. Only buy or sell this pair when all the other pairs are giving the same signal.

Trade Recommendations:

Expect a possible bullish momentum towards 1.3304.

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Bob Stan
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