GBP/USD Outlook

Hello.

Let’s take a look at the GBP/USD hourly chart.

The steep upward movement from the beginning of the year looks like it may have a little more steam to push the currency pair a little higher.

In the shorter term, look for a retracement to the downdie – then once that’s complete, look for another move up (which our count shows as a W5 Impulse).

Remember, some people love trading wave 5 of impulses but you must proceed with caution because wave 5 can be a truncated 5th.

However, in either case, we could easily potentially see the move up to the 1.6100 – 1.6150 area and above.

Be sure to apply your money management when trading.

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Here is a link to the event:  http://guest.cvent.com/d/9dqt7k