Expect a possible bullish price rally | 07 November 2016
07 November 2016, GBP/USD
Wave Analysis:
Yesterday, the cable sustained the breakout above the short resistance zone 1.2394-1.2438 and will likely head further to the upper side. As long as this zone protects the lower side, we expect a possible bullish price movements towards 1.2906 or even higher. At the moment, sell positions remains too risky to trigger, instead, we choose to sit on the sidelines and only hunt for potential buy positions. Expect a similar wave count in EUR/USD. These pairs have a strong positive correlation of up to +0.85 and will have a similar price action during this intraday.
Trade Recommendations:
As long as the zone 1.2394-1.2438 protects the lower side, expect a possible bullish price movements towards 1.2906 or even higher.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
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Bob Stan
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