Wave Analysis
Instead of going long as previously forecasted, the cable broke below the support level 1.2511, with a big red candle, and is currently struggling to hold below it. Since this level was used as a key demand level on Jan 25th 2017, at 08:00, we expect it to act as a key supply level now that the price is below it. Thus, as as long as the pair remains below it, we expect a possible rejection from this level to culminate into an impulsive bearish wave count towards 1.2415 or even lower to 1.222. Any breach above 1.2536, may render futile the anticipated bearish rally and could push the price higher to 1.2725. Expect a similar wave count in GBPAUD, EURUSD and GBPHKD. These pairs will have asimilar price action during this intraday/
Trade Recommendations:
As long as the pair remains below 1.2511, expect a possible bearish price movements towards 1.2415 or even lower.
Origin: FreshForex
