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Flat but wait for a possible buy around 1.3279

Flat but wait for a possible buy around 1.3279 | 18 December 2017

18 December 2017, GBP/USD

Flat but wait for a possible buy around 1.3279

Wave Analysis:

Instead of continuing long as previously forecasted, the cable continues to correct itself downwards but is currently rallying around a key support level 1.3279. As long as this level protects the lower side, we expect a rebound from this level to pick a long position with the first target at 1.3670 and the next at 1.4365. The anticipated bullish price movements is merely the continuation of the impulsive wave (1) to the upper side and should breakout above 1.3670 where we'll be looking for the continuation of the impulsive wave (3) towards 1.4365. This pair should be traded alongside GBPAUD, GBPCHF, GBPHKD and GBPMXN. These pairs will have a similar price action today.
Trade Recommendations
Flat but wait for a possible buy around 1.3279

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Bob Stan
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