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Remain long

Remain long | 22 November 2017

22 November 2017, GBP/USD

Remain long

Wave Analysis:

Since the previous trading day's forecast, this pair is yet to make any significant move to the upper side. We expected a possible extension of the impulsive wave (1) towards 1.3477 but as it appears, this pair could stagnate before eventually rising. On the hourly chart, there's a bullish continuation candle, thus, we expect a possible bullish price rally. The anticipated bullish price rally is the continuation of the impulsive wave (1) to the upper side and should breakout above 1.3477. Conservative traders should wait for a break above to buy the impulsive wave (3) with their target at 1.4365. This pair should be traded alongside GBPAUD, GBPNZD, GBPHKD> These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendations:

Remain long with an ultimate target at 1.3477

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Bob Stan
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