Looking for long positions | 24 Juli 2017

24 Juli 2017, GBP/USD

Looking for long positions

Wave Analysis:

Following the breakout above the daily resistance level 1.2777, the cable entered into a possible rising wedge. We're waiting for a possible breakout above this wedge to long this pair with an ideal target at 1.33. A break above this level will push the price further upwards but should not go beyond the next weekly resistance level 1.35. If the price fall below the lower trend line, then it would continue short towards 1.2777. This pair have a strong positive correlation of up to +63% with AUDUSD and GBPUSD and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bullish price rally towards 1.33

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Bob Stan
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