28 February 2017, GBP/USD
Wave Analysis:
Yesterday, the cable tested the lower trend line forming bottom of the rising wedge but is currently rallying above it. As long as the pair remains above this trend line, we expect a possible bullish price movements towards 1.2495. A break above this level will push the price further to the upper side but should not go beyond 1.2725. This view can only be invalidated in case the pair end up breaching the lower trend line and most importantly 1.2395; if this is the case, then a bearish acceleration towards 1.2406 is inevitable. Trade this pair alongside EURUSD, GBPAUD, GBPNZD and GBPHKD. These pairs have a strong positive correlation of up to +74% and will have a similar price action during this intraday.
Trade Recommendations:
Wait for a clear break above 1.244 to go long with an ideal target 1.2495. A break above this level will push the price further to the upper side but should not go beyond 1.2725.
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