Looking for long positions | 24 Juli 2017
24 Juli 2017, GBP/USD
Wave Analysis:
Following the breakout above the daily resistance level 1.2777, the cable entered into a possible rising wedge. We're waiting for a possible breakout above this wedge to long this pair with an ideal target at 1.33. A break above this level will push the price further upwards but should not go beyond the next weekly resistance level 1.35. If the price fall below the lower trend line, then it would continue short towards 1.2777. This pair have a strong positive correlation of up to +63% with AUDUSD and GBPUSD and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bullish price rally towards 1.33
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
