The break above minor resistance at 151.09 is a clear indication that red wave iv/ has completed and red wave v/ is in motion for a rally to 153.32 on the way higher to 156.66. We will stress that red wave iv/ could turn into a triangle. If this is the case, we should look for a rally to 152.22 followed by a decline to 150.61as the triangle evolves. Nevertheless, the final outcome remains the same an impulsive rally higher towards 153.32 and 156.66.

Short-term support is seen at 150.61

Trading recommendation:

Buy GBP near 150.61 for the next impulsive rally towards 153.32 and 156.66 longer-term

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.