Bulls to take the lead | 30 Agustus 2017

Wave Analysis:

During the previous trading week, the Corrective bigger wave (D) extended to the lower side but got contained above the resistance level 1.2774. We expect this level to have marked the end of this bearish correction that the current bullish price rally is the unfolding of the impulsive (E) to the upper side but should not go beyond 1.33. First, we choose to remain long temporarily towards 1.3025, if this level us broken, then this is a perfect green light that we're continuing long towards 1.33. This pair should be traded alongside GBPAUD, GBPNZD and EURUSD. These pairs have a strong positive correlation of up to +71% and will move in the same direction during this intraday.

Trade Recommendations:

Remain long with an ultimate target at 1.33.