23 March 2017, GBP/USD
Wave Analysis:
For almost a fortnight, the cable has maintained an overall up trend but is currently consolidating below a key resistance zone, 1.25052-1.24865. Nonetheless, as previously expected, the cable retraced slightly to the lower side and even hit the lows of 1.2420 but has currently retraced to the upper side and is currently below a key level 1.2481. Although we expect further acceleration to the upper side, we'll only interested in going long upon a clear break above the zone marked above, especially above the previous day's highest high,1.25052. The anticipated upward rally is the continuation of the impulsive wave (5) but should not go beyond 1.2725. Expect a similar wave count in NZDUSD, AUDUSD, and GBPHKD. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Wait for a break above 1.25052 to go long with an ultimate target at 1.2725.
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