xpect a possible bearish price rally towards 1.27735. | 22 August 2017
22 August 2017, GBP/USD
Wave Analysis
After a slight consolidations last week, the impulsive wave (c) traded slightly to the lower side but is yet to hit our target take profit at 1.27735. During this intraday, we expect a rally towards the daily support level 1.27735. As long as this level protects the lower side, we expect a possible rebound from this level to long this pair towards 1.3024, if this level is broken, then the price could move further to the lower side towards 1.2440. This pair should be traded alongside GBPCHF, AUDUSD, NZDUSD and GBPAUD. These pairs have a strong positive correlation of up ro +71% and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bearish price rally towards 1.27735.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
