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Wait for a future buy

Wait for a future buy | 24 November 2017

24 November 2017, GBP/USD

Wait for a future buy

Wave Analysis:

During the previous trading day, we saw a correction of the impulsive wave (1) to the lower side but its still pretty much bullish. During this intraday, we expect a possible extension of the impulsive wave (1) to the upper side and could break above 1.3477. If you're not long already, you could wait for a break above 1.3477, then expect a bullish price momentum towards 1.4365. The anticipated bullish price rally is the continuation of the impulsive wave (3) to the upper side. This pair should be traded alongside GBPAUD, GBPNZD, GBPCHF and EURUSD. These pairs have a strong positive correlation and will move in the same direction during this trading day.

Trade Recommendations:

Conservative traders should wait for a break above 1.3527, then long the impulsive wave (3) with your target at 1.4365.

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Bob Stan
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