Still bullish but should be capped by 1.2556 | 27 Maret 2017

27 Maret 2017, GBP/USD

Wave Analysis:

For almost two weeks now, the cable has been in an overall upward rally but is currently approaching a key daily resistance line at 1.2556. Following the break above 1.2482, we're waiting for a clear rebound from this level to continue long with the impulsive wave (5) but should not go beyond 1.2556 from where we expect to be an onset of a corrective three wave cycle. While we'll be looking to sell this pair, we'll equally be looking to buy USDCHF, USDJPY and CADJPY. These pairs have a strong negative correlation to the cable and will move in exact opposite price action during this intraday.

Trade Recommendations:

Wait for a clear buy signal to go long with an ideal target at 1.2556. A break above this level will push the price further to the upper side but should not go beyond 1.2725. A clear rebound from 1.2556 will call for short positions with an ideal target at 1.2357.

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.

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Bob Stan

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