20 July 2017, GBP/USD
Wave Analysis
Despite the bullish inside bar seen on 17th of this month, the cable is yet to pick a momentum to the upper side. We expect the downward rally that began on Monday this week to be a mere corrective move and should not go beyond 1.30246 from where we'll be looking to re-buy the impulsive wave (c) at the least risk possible. This upward rally is highly since the intraday stochastic is approaching a its median level of 50 and should not break below it. As long as price remains above 1.30246 and the stochastic level of 50 is not broken to the lower side, we expect a possible bullish price rally towards 1.33. Expect a similar wave count in EURUSD, NZDUSD and AUDUSD. These pairs have a strong positive correlation of up to +68% and will move in the same direction during this intraday.
Trade Recommendations:
Buy this pair around 1.30246 with an ideal target at 1.33.
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