20 October 2016, GBP/USD
Wave Analysis
Yesterday, the cable retraced to the lower side but could not break beyond the short term support level $1.2256. We expect a possible bullish wave count towards the short term resistance zone or even a breakout above it. Ideally, as long as the level $1.2256 protects the lower side, we expect to continue long with the larger impulsive wave (c) and the inner wave (c). Any bearish developments below $1.2246 may invalidate the anticipated upward rally and could culminate into a possible bearish price movements towards $1.2025. Expect a similar wave count in EUR/USD. These pairs had a strong positive correlation of up to +70% and will have a similar price actio0n during this intraday.
Trade Recommendation:
As long as the pair trades above $1.2256, expect a possible bullish price movements towards $1.2394. Sell positions are only recommended below $1.2246 with an ideal target at 1.2025.
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