We are long | 30 اكتوبر 2017

Wave analysis.

Last week, the inner impulsive wave (1) of the outer impulsive wave (E) pulled back but closed above the previous higher low. Bulls are expected to be back in the market soon to push this inner impulsive wave (1) towards the daily resistance zone 1.3428 – 1.3477.Look for a long position to buy this pair with you first target at 1.3428.This anticipated bullish price rally is valid as long as price is above the previous higher low 1.3061. If price goes below 1.3061, this bullish rally may be invalidated and price could rally downwards instead. This pair should be traded alongside AUDUSD, NZDUSD, GBPAUD and GBPNZD since these pairs have a strong positive correlation and will move in the same direction during this intraday.

Trade recommendation

Buy GBPUSD with your target at 1.3428