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Expect a possible bullish momentum towards 1.33

Expect a possible bullish momentum towards 1.33 | 16 May 2017

16 May 2017, GBP/USD

Expect a possible bullish momentum towards 1.33

Wave Analysis:

The cable continues to oscillate within a tight range, not going above or below 1.28666-1.2983. As long as the pair doesn't break above this range, we expect a possible retracements towards 1.27735 where we'll be looking for low risk buy opportunities. This view remains true and valid as long as the support level 1.27204 is not broken to the lower side. A break below this support will push the price to the lower side but should not extend below 1.2440. Expect a similar wave count in EURUSD, GBPHKD, GBPCHF and AUDUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bullish momentum towards 1.30754.

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Bob Stan
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