17 February 2017, GBP/USD
Wave Analysis:
As expected, the opening of a bullish engulfing candle witnessed on Feb 7th 2017 held true as a key demand level during the previous trading day and will likely hold true as a key buy level during this intraday. As long as the pair remains above 1.2461 and most importantly 1.2414, we choose to hold onto a bullish bias sentiment on this pair. Ideally, we expect a bullish impulsive wave count towards the upper side but should not go beyond 1.2725. A break above this level will push the price further to the upper side towards 1.2955. As long as the cable remains bullish, we choose to remain short in USDCHF and NZDJPY, these pairs have a strong negative correlation of up to -71% and will have an exact opposite price action during this trading day.
Trade Recommendations
As long as the pair remains above 1.2461, expect a bullish price movements towards 1.2725. Sell positions are only recommended below 1.2414 with an ideal target at 1.222.
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