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Remain long with the first target at 1.3483

Remain long with the first target at 1.3483 | 20 December 2017

20 December 2017, GBP/USD

Remain long with the first target at 1.3483

Wave Analysis:

During the previous trading day, the cable opened at 1.3383 went as high as 1.3401 and as low as 1.3330 but ended up closing at 1.3384 just a few pips above it's opening price. The previous day's candle is a perfect bullish pin bar and could drive the price further to the upper side. . The anticipated bullish price rally is the continuation of the impulsive wave (1) to the upper side and should break above 1.3483 where we'll be looking to buy the next impulsive wave (3) towards 1.4365. This pair should be traded alongside GBPAUD, GBPCHF, GBPNZD and AUDUSD. These pairs have a strong positive correlation and will move in the same direction during this intraday.

Trade Recommendations:

Remain long with the first target at 1.3483 and the next at 1.4365.

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Bob Stan
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