18 July 2017, GBP/USD
Wave Analysis:
During the previous trading day, we witnessed a slight correction to the lower side, but this correction could not extend below 1.30383. We expect this upward rally to be an onset of an impulsive wave count to the upper side but should not extend beyond 1.33. If you didn't pick a long position on the first correction, you could wait for a second correction to pick a long position at the least risk possible. That is, wait for a drop towards 1.30393 to long this pair with your target at 1.33. This pair should be traded alongside CHFJPY, CADJPY, AUDJPY and USDJPY. These pairs have a strong negative correlation of up to -68% and will move in exact opposite price action during this intraday. While you'll be looking to buy this pair, look for short positions in the other pairs.
Trade Recommendations:
Buy this pair at 1.30393 with the first target at 1.33.
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