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Preparing to continue long

Preparing to continue long | 31 August 2017

31 August 2017, GBP/USD

Preparing to continue long

Wave Analysis:

After gaping above the short term resistance level 1.2902, the pairis currently consolidating above this level. Any attempts to break below it resulted into a bullish pin bar candle (Yesterday's daily candle). As long as this level protects the lower side we expect a rally to the upper side, the anticipated upward rally is the continuation of the impulsive wave (E) to the upper side with an ideal target at 1.4487. In the meantime, we're waiting for a breakout above 1.3025 to confirm a possible bullish price rally towards 1.44. This pair will have a similar price action to GBPHKD and GBPNZD. These pairs will have a similar price action during this intraday. Only buy or sell Gbp is the other pairs are giving the same signal.

Trade Recommendations:

Long the cable now with the first target at 1.3025 and the next target at 1.4487.

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Bob Stan
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