24 February 2017, GBP/USD
Wave Analysis:
Yesterday, the cable broke above the wedge formation, traded intensely to the upper side and even broke above 1.2537, following this breakout, we expect further acceleration to the upper side but should not go beyond 1.2693. In the meantime, we're waiting for minor bearish pullbacks towards 1.25122 to give us low risk buy opportunities with the first target at 1.2725 and the next target at 1.29. Any clear retracements below 1.25122 will invalidate the anticipated bullish price movements and could push the price lower but should not go beyond 1. 2414. This pair should be traded alongside EURUSD, GBPAUD and NZDUSD. These pairs have a strong positive correlation of up to +85% and will have a similar price action during this intraday.
Trade Recommendations:
If your not long already, wait for minor bearish pullbacks to go long with the first target at 1.2725 and the next target at 1.29.
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