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Consolidations | 31 May 2017

31 May 2017, GBP/USD

Consolidations
Wave Analysis
The cable continues to consolidate above 1.2770. This is a key daily support and as long as it protects the lower side, we expect a possible bullish price movements towards 1.33. This view can only be invalidated in case the price end up below 1.2770, if this is the case, then an acceleration towards 1.2440 is inevitable. Expect a similar wave count in GBPCAD, GBPAUD and GBPCHF. These pairs have a strong positive correlation of up to +85% and will move in the same direction during this intraday.
Trade Recommendations:

Expect a possible rebound from 1.2777 to buy this pair towards 1.2777

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Bob Stan
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