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Wait for a clear break above 1.3275 to

Wait for a clear break above 1.3275 to | 12 September 2017

12 September 2017, GBP/USD

Wave Analysis:

Other than the fact that the cable opened slightly lower than it closed last week, the cable has not made any significant moves since yesterday. We still expect a clear bullish rally towards 1.3275 and even a violation to the upper side to take a long term long position with the first target at 1.3861, if this level is broken, then the price could move further towards 1.4617. A short position will be ideal only if the price rebound from 1.3275 or on a break below the lower trend line with your target at 1.2683. This pair will have a similar price action to GBPHKD, NZDUSD, EURUSD and GBPNZD. These pairs have a strong positive correlation and will move in the same direction during this intraday.

Trade Recommendations:

Not long already? Wait for a clear break above 1.3275 to buy the cable towards 1.3861.

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Bob Stan
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