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Conservative traders should wait for a buy

Conservative traders should wait for a buy | 29 November 2017

29 November 2017, GBP/USD

Conservative traders should wait for a buy

Wave Analysis:

After a major correction to the lower side during the previous trading day. the cable recovered almost 200% the value it lost just before the close of that trading day. This is a bullish dominance indication and means we're still long in this pair. The best thing to do now is to look for a good buy price. Probably, a slight correction towards 1.3350, then long the cable with your first target at 1.3477 and the next target at 1.4365. The anticipated bullish price rally is the continuation of both the inner impulsive five wave cycle and the outer larger wave (E) but these must not go beyond 1.4880. This pair will have a similar price rally to GBPAUD, GBPCHF and GBPHKD. These pairs will move in the same direction.

Trade Recommendation:

Conservative traders should wait for a slight correction towards 1.3350 then buy the cable towards 1.3477

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Bob Stan
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