Expect corrections to the upperside. | 02 September 2016
02 September 2016, GBP/USD
Wave Analysis:
Yesterday, instead of going short as previously forecasted, the impulsive wave E ended a bit earlier than expected and could not even hit our target. Following the breakout above the upper resistive trend line, we expect an acceleration to the upper side but should not go beyond 1.3429. Expect a similar upward rally in GBP/HKD. These two pairs have a strong positive correlation of up to +0.85 and will have a similar price action during this intraday.
Trade Recommendations:
Remain long with an ideal target at 1.3429.
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.
