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Wait for a buy signal around 1.3434 to buy this pair towards 1.4853.

Wait for a buy signal around 1.3434 to buy this pair towards 1.4853. | 26 September 2017

26 September 2017, GBP/USD

Wait for a buy signal around 1.3434 to buy this pair towards 1.4853.

Wave Analysis:

During the previous trading day, we expected a possible bullish price rally towards 1.3693, but as it appears, the corrective wave (2) extended slightly to the lower side but should not go beyond 1.3434 where we'll be looking to buy the impulsive wave (3) to the upper side with an ultimate target at 1.1.4853. As long as the price remains above 1.3434, we expect this level to protect any violation to the lower side. Thus, despite the fact that the previous day's candle was bearish pin bar, I'm still very reluctant to short this pair. The anticipated upward rally is highly anticipated since the intraday stochastic is already hitting its oversold level of 20 and should pullback to the upper side today. This pair will have a similar price action to EURUSD, AUDUSD and NZDUSD.

Trade Recommendatons:

Wait for a buy signal around 1.3434 to buy this pair towards 1.4853.

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Bob Stan
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