Wave Analysis:
Despite our expectations to continue long, the cable continues to consolidate around 1.29 but should extent higher during this trading week. In the meantime, we expect further correction of the impulsive wave (v) but must not go beyond 1.27735 from where we’ll be looking for low risk buy opportunities. This view can only be altered in case the pair end up below 1.27204, if this is the case, then we’ll expect a possible rally towards 1.2440 or even lower. Expect a similar wave count in GBPAUD, GBPCAD, EURUSD, GBPCHF and AUDUSD. These pairs have a strong positive correlation of up to +85% and will move in the same direction during this intraday,
Trade Recommendations:
Expect a possible bullish price movements towards 1.30754.
Origin: FreshForex
