23 января 2017, GBP/USD
Wave Analysis:
On Jan 20th 2017, the cable opened at 1.2345, went as low as 1.2259 and as high as 1.2379 but ended up closing at 1.2372, about 31 pips above its daily opening price. The previous day’s candle is a perfect bullish pin and will likely push the price further to the upper side as long as it remains above 1.222. If you’re not long already, you could wait for a break above 1.2414 to confirm the continuation of the upward rally towards 1.2725. Any clear developments below 1.2209 may invalidate the anticipated bullish price rally and could push the price to the lower side. This upward rally is highly likely since other positively correlated pairs such as GBPHKD, EURUSD, NZDUSD and AUDUSD are very much bullish and will likely trade on the higher ranges during this intraday. Only buy or sell the cable if the other pairs are giving the same signal.
Trade Recommendations:
Conservative traders should wait for a clear breakout above 1.2414 to go long with an ideal target at 1.2725.
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