Wave Analysis:
During the previous trading day, the cable rose to the upperside but is currently rallying around a key weekly sell zone 1.2683-1.2571. Unless there’s a clear break above this zone , we expect a possible rebound from this zone to short the impulsive wave (5) towards 1.10 or even lower. The daily chart, however, is still showing possible signs of possible bullish price movements but should not go beyond 1.2725 from where we’ll be looking for long term short positions.
GBPUSD Weekly Chart
Expect a similar wave count in GBPHKD, EURUSD and AUDUSD. These pairs will have a similar price action during this intraday. Only buy or sell the cable if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
We’re waiting for potential sell opportunities.
Origin: FreshForex
