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Bulls in control

Bulls in control | 09 January 2018

09 January 2018, GBP/USD

Wave Analysis:

On the weekly chart above, the cable is currently trading with an increasing bullish momentum. We expect the level 1.3061 to have marked the end of the corrective wave (iv), that the current bullish price movements is the unfolding of the impulsive wave (v) and should continue during the course of this week and even in the coming weeks. As long as the price remain above 1.3303, we expect a possible bullish price movements and should break above 1.4270 towards 1.4559. This pair should be traded alongside GBPAUD, GBPCHF, GBPNZD and GBPHKD. These pairs have a strong positive correlation and will move in the same direction today. Only buy or sell the cable if the other pairs are giving the same signal.

Trade Recommendations:

Remain long with your target at 1.4559

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Bob Stan
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