Wave Analysis:
Yesterday, the cable opened at 1.2490, went as low as 1.2418 but ended up closing at 1.2508 just a few pips above it’s previous day’s closing price, 1.2490. The previous day’s candle is a perfect bullish pin bar and will likely push the price to the upper side during this intraday. The anticipated upward rally is the continuation of the impulsive wave E towards 1.2743 and will likely head further to the upper side. As long as Euro remains bullish, expect an exact similar price action in the cable. These two pairs, EUR/USD and GBP/USD, have a strong positive correlation of up to +86% and will have a similar price action during this intraday. Only buy or sell the cable if Euro is giving the same signal.
Trade Recommendations:
Remain long with an ideal target at 1.27439.
Origin: FreshForex
