Wave Analysis
During the previous trading week on Friday, 16th, the Cable rebounded perfectly from the lower trend line forming bottom of the rising channel, headed long and is still showing signs of potential momentum to the upper side, while a acceleration towards 1.2748 are highly likely, we cannot rule out the possibility of breaking below the lower trend line, if the latter is the case, then an acceleration towards 1.2027 is highly likely. However, as long as the pair remains above the supportive trend line and also above 1.2412, bullish momentum towards 1.2748 is expected. The anticipated upward rally is the continuation of the impulsive wave (E) and may break above 1.2748. Expect a similar wave count in EURUSD, GBPAUD, and an exact opposite price action USDJPY, NZDJPY and USDCHF.
Trade Recommendations:
As long as the pair remains above 1.24125, expect an acceleration towards 1.2748. Any breach of the level will push the price further to the upper side. Sell orders are only recommended below 1.24125 with the first target at 1.20275.
Origin: FreshForex
