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Expect a possible bullish price movements towards 1.3275

Expect a possible bullish price movements towards 1.3275 | 21 Abril 2017

21 Abril 2017, GBP/USD

Expect a possible bullish price movements towards 1.3275

Wave Analysis:

Earlier this week, the corrective wave (4) extended a bit higher than expected and is currently still above a key weekly resistance level 1.2683. As long as the price remain above this resistance level, we expect further corrective wave count to the upper side but should not go beyond 1.3275. Ideally, the just broken resistance level should act as a support to any movements to the lower side; therefore, instead of going short, we'll be looking to buy the cable in case of any pullbacks to the lower side. This view can only be validated in case the weekly candle closes as it is right now. A clear close below 1.2571 will mean we're continuing short with the impulsive wave (5) towards 1.10. Expect a similar wave count in GBPAUD, GBPCAD and GBPCHF.

Trade Recommendations:

As long as the price remains above 1.02680, expect a possible bullish price movements towards 1.3275 or even higher.

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Bob Stan
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