14 July 2017, GBP/USD
Wave Analysis
We expected a possible bearish price rally towards the daily support level 1.2777 few days ago, but as it appears, the cable could barely hit this level, instead, it pulled back upwards and could extend further upwards during this trading day. This is just a corrective price rally and should not go beyond the daily resistance zone 1.3039-1.3024. A break above this zone may push the price further upwards with the next target at 1.33. That said, as long as the price remains below 1.3039-1.3024, we expect a possible triple top formation around this zone to short this pair towards 1.27735. Expect an exact opposite price rally in USDCAD, USDJPY and USDCHF. These pairs have a strong negative correlation of up to -72% and will move in exact opposite price movements.
Trade Recommendations:
Long this pair with an ideal target at 1.3039
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