01 Noviembre 2017, GBP/USD
Wave Analysis:
The cable is still making higher lows despite the drop in price seen last week. We expect further extension to the upper side but only after a break above 1.3477. If the price can safely rise above the daily short term Resistance level 1.3477, then we'll wait for a minor pullback, corrective wave (2), to end around the just broken level to buy the impulsive wave (3) to the upper side. If you're not long already, you could wait for this break to pick a long position towards 1.4109 or even higher. This view will only be rendered futile in case the price breaks below 1.3080, this being the case, a drop towards 1.2811 is expected. This pair should be traded alongside EURUSD, and GBPNZD. These pairs have a strong positive correlation and will move in the same direction today.
Trade Recommendations:
Wait for a break above 1.3477 to long the cable with your target at 1.4109
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