16 February 2017, GBP/USD
Wave Analysis:
Yesterday, the cable spiked to the lower side but ended up closing above 1.2414 and most importantly above 1.2461. The latter is a previous key demand level and as long as the pair remains above this level, we're waiting for a clear buy signals from this level to go long towards 1.2725. Any clear break break below 1.2414, will no doubt push the price to the lower side towards 1.222 and even lower. In the meantime, we choose to hold onto the previous buy position we executed following the engulfing candle witnessed on Feb 7th 2017. Expect a similar price action in EURUSD, GBPAUD, NZDUSD and GBPUSD. These pairs have strong positive correlation of up to +65 and will have a similar price action during this intraday.
Trade Recommendations:
As long as the pair remains above 1.2461, look for potential long positions with an ideal target at 1.2725. Sell positions can only be recommended below 1.2414 towards 1.2222.
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