Wave Analysis
In the previous intra-day, wave (1) of the impulsive wave (E) was undergoing some correction. This correction could still be on and this wave may test the recent lowest low 1.3051 before proceeding upwards. Despite this temporary correction, the market is still showing a bullish sentiment hence we are still long. You could wait for a break out above the resistance zone 1.3425 – 1.3477 and buy GBPUSD with an ideal take profit at 1.4091. However, if price goes below 1.2762, this upwards move may be invalidated. This pair should be traded alongside CADJPY, AUDJPY, CHFJPY and NZDJPY since they have a strong positive correlation.
Trade Recommendations.
Wait for a break out above 1.3477 and buy GBPUSD towards 1.4091.
Origin: FreshForex
