03 April 2018, GBP/USD
Wave Analysis:
After being contained along the rising supportive trend line since December 2016, in 2017, the cable pulled away from this trend line and has currently formed a steep trend line to the upper side. Recently, the price broke above 1.40411 but has just currently pulled back to it. The level 1.40411 is a short term support level and as long as it is not violated to the lower side, we expect a possible rebound from this support to rebuy both the impulsive waves (v) and (c). Should the price break below 1.40411, then we’ll expect a possible further bearish correction towards the weekly support zone 1.3592-1.33041. This is a good zone for long term buyers and should the price rebound from it, then this will be a good place to long this pair at the least risk possible.
Trade Recommendations:
Look for a possible buy around 1.40411 towards 1.485
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