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Bulls charged but expect corrections

Bulls charged but expect corrections | 15 September 2017

15 September 2017, GBP/USD

Bulls charged but expect corrections

Wave Analysis:

Perfectly as previously forecasted, the corrective wave (iv) barely broke below 1.3163, before coming to a sudden halt. We expect the massively upward rally that began the previous trading day, to be the unfolding of both the impulsive waves (v) and (E) to the upper side but have gone far then expected. Following the breakout above the upper trend line, we expect further rally to the upper side but should not go beyond 1.36. The anticipated bullish price rally is barely the continuation of the larger impulsive wave (E) to the upper side. This pair will have a similar price action with EURUSD, GBPUSD, AUDUSD and NZDUSD. These pairs will have a similar price action during this intraday.

Trade Recommendation:

We're long with a target at 1.26.

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Bob Stan
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