02 December 2016, GBP/USD
Wave Analysis:
Yesterday, the British pound strengthened against the US Dollar as the demand for the pound increased. Despite the massive upward rally witnessed during the previous trading day, we still expect to continue long with the impulsive wave E and may breakout above 1.2743. Any clear developments above 1.2743 will signal a possible bullish wave count towards 1.2981 and possibly higher. In the meantime, the current chart set up shows signs of clear bullish dominance and selling this pair may not be fruitful in the long run. Expect a similar wave count in EUR/USD, and GBP/HKD. These pairs have a strong positive correlation of up to +86% and will have a similar price action during this intraday.
Trade Recommendations:
Remain long with your first target at 1.2743 and the next target at 1.2981.
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