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Consolidations above 1.2777

Consolidations above 1.2777 | 30 May 2017

30 May 2017, GBP/USD

Consolidations above 1.2777

Wave Analysis:

Despite our expectations to rebound from 1.2769-1.2720, the cable continues to oscillate above this zone in a consolidating manner. We are waiting for the end of this consolidations to buy this pair towards 1.33. As long as the price remains above this zone and there's no clear buy candle, we choose to sit on the sidelines temporarily and wait for a perfect buy pattern. This view can only be rendered futile in case the price end up below this zone, if this is the case, then an acceleration towards 1.2440. Expect a similar wave count in GBPCAD and EURUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Remain flat expecting a possible rebound from 1.2777 to buy this pair towards 1.33

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Bob Stan
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