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Wait for a break above 1.29838 to continue long with an ideal target at 1.33

Wait for a break above 1.29838 to continue long with an ideal target at 1.33 | 18 May 2017

18 May 2017, GBP/USD

Wait for a break above 1.29838 to continue long with an ideal target at 1.33

Wave Analysis

Instead of continuing long as previously forecasted, the cable continues to oscillate within the range 1.28608-1.29838. Although we expect a possible bullish price movements to the upper side, we'll only be interested in going long upon a breaking above this range. A break above this zone will mean we're continuing long with the last impulsive wave (v) towards 1.33 and could go further towards 1.34. Expect a similar wave count in GBPCAD, GBPCHF, GBPNZD and EURUSD. These pairs have a strong positive correlation of up to +81% and will have a similar price action during this intraday. Only buy or sell GBPUSD if the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Wait for a break above 1.29838 to continue long with an ideal target at 1.33

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Bob Stan
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