29 December 2017, GBP/USD
Wave Analysis:
Perfectly as previously forecasted, the inner impulsive wave (1) stretched significantly to the upper side but is yet to reach our first target set at 1.34. During this intraday, we expect further extension to the upper side and should breakout above 1.3481 towards 1.4365. The anticipated upward rally is merely the continuation of both the larger impulsive waves (E) and the inner five wave cycle, but should not go beyond 1.43. This pair should be traded alongside GBPAUD, GBPCHF, GBPHKD, GBPMXN and GBPSGD. These pairs have a strong positive correlation of up to +63% and will move in the same direction today. Only buy or sell the cable if the other positively correlated pairs are giving then same signal.
Trade Recommendations:
We're long with our first target at 1.3481 and the next at 1.41
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