Expect a possible bullish price rally towards 1.33 | 06 Juni 2017
06 Juni 2017, GBP/USD
Wave Analysis:
On 26th may 2017, the cable broke below the rising wedge, went as low as 1.2777 but could not go beyond 1.2720. As long as the zone 1.2720-1.2769 protects any invasion to the lower side, we expect a possible bullish price movements towards 1.33. In the meantime, we're waiting for a clear breakout above the bottom if the rising wedge and most importantly a breakout above 1.3034 to confirm the continuation of this bullish price movements towards 1.33. Expect a similar wave count in EURUSD, GBPCAD, AUDUSD and NZDUSD. These pairs have a strong positive correlation of up to +66% and will move in the same direction during this intraday.Expect a possible bullish price movements 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.
