Wave Analysis:
On the weekly chart above, the cable retraced slightly to the lower side, but is still way above our retracement line 1.2683. As long as the price remains above this line, we expect minor retracements to the just broken line to pick low risk buy opportunities. Any clear retracements below this line will mean we’re continuing short with the impulsive wave (5) towards 1.10 or even lower. In the meantime, unless the weekly chart clearly close below or above 1.2683, we choose to remain flat momentarily. We expect to trade this pair alongside GBPHKD, GBPAUD, GBPCAD and EURUSD. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Remain flat
Origin: FreshForex
