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The cable could retracement towards 1.27735

The cable could retracement towards 1.27735 | 15 May 2017

15 May 2017, GBP/USD

The cable could retracement towards 1.27735

Wave Analysis:

The cable continue to consolidated above 1.27735 and but is showing signs of bulls encroaching. We expect further bearish pullbacks but should not go beyond 1.27735 from where we'll be looking for low risk long positions. This view can only be invalidated in case the price end up below 1.27735, if this is the case, then we'll wait for a signal that this is not a false break then short GBPUSD towards 1.24440 This pair should be traded alongside GBPCAD, EURUSD, GBPAUD and GBPCHF. These pairs will have a similar price action during this intraday. Only buy or sell the cable if the other pairs are giving the same signal.
Trade Recommendations:
Expect a possible bullish price movements towards 1.33.

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Bob Stan
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