06 Marzo 2018, GBP/USD
Wave Analysis:
The cable is gradually pulling back to the upper side despite the previous forecast that it could drop to the weekly support set at 1.3662. Because this move was unprecedented, we choose to remain on the sidelines unless there's an exceptionally clear buy signal, however, while the price is above 1.3662, we expect a momentum to the lower side, 1.3662, to buy this pair at the least risk possible. Our opinion is that, long term traders should wait for a rebound from 1.3662 to long this pair with an ultimate target at 1.4618. This pair will have a similar price action to GBPHKD, GBPCHF and AUDUSD.
Trade Recommendation:
Wait and buy the cable upon a rebound from 1.3662 towards 1.4618.
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