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The cable consolidating within our buy zone

The cable consolidating within our buy zone | 24 March 2017

24 March 2017, GBP/USD

The cable consolidating within our buy zone

Wave Analysis

Yesterday, the Cable failed to sustain the break above our key buy zone 1.24865-1.25055 and has currently retraced back to it. We expect a possible bullish consolidations around this zone but should not go beyond 1.24865 from where we'll be looking to continue long with the impulsive wave (5) towards 1.2725. The current chart set up is pretty much bullish and as long as the pair remains above 1.2486, we choose to remain jittery about executing sell orders. However, if the price can go below 1.2486, then we'll wait for a break below 1.24557 to confirm the continuation of the bearish price rally towards 1.222. Expect a similar wave count in EURUSD, AUDUSD and NZDUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Wait for a clear buy positions around the zone 1.24865-1.25055 to to go long with an ultimate target at 1.2725.

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Bob Stan
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