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Consolidating but looking to continue long

Consolidating but looking to continue long | 06 February 2017

06 February 2017, GBP/USD

Consolidating but looking to continue long
Wave Analysis:
Despite the bearish engulfing candle witnessed on Feb 2nd 2017, the cable merely tested the lower trendline forming bottom of the rising channel and could not close below the support level 1.2482. we're waiting for a clear buy signal from this level to buy the impuslive wave (5) towards 1.2725 or even higher. This view can only be invalidated in case the price end up breaking below the lower trendline and also below 1.2222; if this is the case, then an accelaration to the lowerside is inevitable. Expect an exact similar price action in EURUSD, GBPHKD and NZDUSD. These pairs have a strong positive correlation of up to +96% and will have a similar price action during this intraday.

Trade Recommendations:

Wait for a clear buy signal from 1.2482 to go long with a first target at 1.2725 and the next target at 1.2917. Sell positions may only be recommeded below 1.2416 with an ideal target at 1.222

Bob Stan
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