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Expect a possible position around 1.2839.

Expect a possible position around 1.2839. | 07 June 2017

07 June 2017, GBP/USD

Wave Analysis:
Since 26th may of this year, the cable entered into a rising channel and is still pretty much being contained within this channel. we expect the current upward rally to be the continuation of the impulsive wave (v) but should not go beyond the resistance level 1.2938 from where we'll be looking for a possible onset of a corrective three wave cycle. Thus, as long as 1.2938 is not violated to the upper side, we expect a possible rebound from this level to sell the cable with an ideal target at 1.2781. Expect a similar wave count in GBPCAD, GBPAUD, EURUSD and AUDUSD. These pairs will have a similar price action during this intraday.
Trade Recommendations:

Expect a possible bullish price movements towards 1.2839. Sell positions can only be recommended in case the pair end up rebounding from 1.2938.

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Bob Stan
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