27 July 2017, GBP/USD
Wave Analysis:
Despite the bearish pin bar seen on Tuesday this week, yesterday, the cable traded relentlessly to the upper side and even broke above the resistance level 1.3024. The previous day's candle pretty much engulfed the Tuesday's candle, this is a possible bullish bias signal. We expect a possible extension of this bullish wave count with our target set at 1.33. A breakout above this level will push the price further to the upper side but should not go beyond 1.34. If the price should correct itself to the lower side, then 1.30246 will be an ideal place to pick a long position at the least risk. This pair should be traded along EURUSD. These pairs had a similar engulfing candle on the daily charts and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bullish price rally towards 1.33
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