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We're long with a target at 1.35

We're long with a target at 1.35 | 31 July 2017

31 July 2017, GBP/USD

We're long with a target at 1.35

Wave Analysis:

Following the break above the daily resistance level 1.2777, the cable entered into an uptrend and has been oscillating within the rising wedge, however, during the previous trading day of Friday, the cable traded on the higher ranges but could not close above the upper resistive trend line. We're waiting for a breakout above the the short resistance level 1.3174 and most importantly above the upper trend line to buy this pair towards 1.35. Expect a similar wave count in GBPAUD, NZDUSD, AUDUSD, EURUSD. These pairs have a strong positive correlation of up to +62% and will have a similar price action during this intreaday
Trade Recommendations:
Wait for a breakout above 1.3174 to buy this pair towards 1.35

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Bob Stan
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