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Looking to buy the cable upon a clear rebound from 1.2193

Looking to buy the cable upon a clear rebound from 1.2193 | 14 March 2017

14 March 2017, GBP/USD

Looking to buy the cable upon a clear rebound from 1.2193

Wave Analysis:

Yesterday, the impulsive wave (5) ended a bit earlier than expected and could not go beyond 1.21323. Following the break above the upper trend line forming top of the falling channel, the cable went a bit higher but is currently pulling back to the lower side. We expect the downward rally that started earlier today to be the unfolding of the corrective wave (b) but should not go beyond 1.2193 from where we'll be looking for clear buy signals to buy the impulsive wave (c) towards 1.2725. This can only be invalidated in case the pair end up below 1.2432, if this is the case, then an acceleration to the lower side is inevitable. Expect a similar wave count in EURUSD and NZDUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations

Wait for a clear buy signal upon a clear rebound from 1.2193 with an ideal target at 1.2725.

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Bob Stan
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