17 May 2017, GBP/USD
Wave Analysis:
The cable is still reluctant to trade higher despite our expectations to continue long. Although we expect further movements to the upper side, we choose to sit on the sidelines momentarily and only buy the cable upon a clear breakout above 1.29838. A key support can be seen at 1.27735 and is price can drop down to this support, then this will be the best place to buy this pair at the least risk. Expect a similar wave count in GBPHKD, EURUSD, GBPAUD, GBPCHF and GBPNZD. These pairs have a strong positive correlation of up to +85% and will move in the same direction. Only buy or sell GBPUSD if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Expect a possible bullish price movements towards 1.33.
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