Still Bullish | 15 December 2017

Wave Analysis:

During the previous trading day, we saw a slight extension of the impulsive wave (1) to the upper side but still below 1.3481. This pair has been making higher lows for almost a year now, and chances of rising higher are highly anticipated. With that is mind, today, we expect a possible extension of the impulsive wave (1) to the upper side and should breakout above 1.3481 where we'll be looking to continue upwards with the next impulsive wave (3) towards 1.4365. Conservative traders, however, should not long this pair now, but should wait for break above 1.3481, then buy the next impulsive wave (3). This pair should be traded alongside GBPAUD, GBPHKD, GBPMXN and GBPCHF.

Trade Recommendations.

Conservative traders should wait and buy above 1.3477