29 August 2017, GBP/USD
Wave Analysis
As previous expected, the impulsive wave (c) traded lower but could not go beyond 1.2774. We expect the level 1.2774 to have marked the end of this corrective three wave cycle, that the current bullish price rally is the unfolding of an an impulsive wave with the first target at 1.3025, if this target at broken, then the cable could continue further upwards with the next target at 1.33. In the meantime, we're waiting for a pullback towards 1.2905 to pick a long position towards our first target at 1.3025. While we'll be looking to buy this pair, we'll also be looking to buy the following pairs GBPAUD, NZDUSD, and AUDUSD. These pairs will have a strong negative correlation to USDJPY and USDCHF.
Trade Recommendations:
Long the cable with a target at 1.3025
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