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Expect a possible bullish price rally towards 1.37.

Expect a possible bullish price rally towards 1.37. | 29 September 2017

29 September 2017, GBP/USD

Expect a possible bullish price rally towards 1.37.

Wave Analysis:

During the previous trading day, the cable closed above it's daily opening price of 1.3383, and is still showing signs of rallying even higher. We expect the level 1.3381, to have marked the end of the corrective wave (2) that the previous day's bullish price rally is the unfolding of the impulsive wave (3) to the upper side but should not go beyond 1.37. This upward rally is highly anticipated since the intraday stochastic is already below its oversold level of 20 and should rebound to the upper side. This pair will have a similar wave count to GBPAUD, GBPNZD, EURUSD and EURAUD. These pairs have a strong positive correlation and will move in the same direction during this intraday.

Trade Recommendations:

Expect a possible bullish price rally towards 1.37.

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Bob Stan
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