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Buyers still in control

Buyers still in control | 06 December 2017

06 December 2017, GBP/USD

Buyers still in control

Wave Analysis:

Since the beginning of this week, we're yet to see any significant move to our first target set at 1.3477. Yesterday, there was a slight correction to the lower side but we still expect a stead rise towards 1.3477. The anticipated bullish price rally is merely the continuation of the impulsive wave (1) to the upper side and should breakout above 1.3477. Instead of buying this pair now, conservative traders should wait for a break above 1.3477, then buy the impulsive wave (3) with an ideal target at 1.4365 or even higher. As long as the price remains above 1.3061, we expect and acceleration to the upper side. This pair should be traded alongside GBPAUD, GBPCHF, GBPNZD and GBPCAD. These pairs will have a similar price action.

Trade Recommendations:

Buy above 1.3477

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Bob Stan
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