GBP/USD Forecast. On the sidelines

gbp-l1Wave Analysis:

Unfortunately, this pair is still reluctant tp continue short even though it previously gaped below a key daily support level 1.2777. During this intraday, we choose to remain flat temporarily and observe the price around 1.2777. If the current daily candle can close below 1.2777, then we’ll be looking for potential sell opportunities during the next trading day. Otherwise, any close above 1.2777 may mark a possible return of bulls into this market, thus we’ll be looking for buy opportunities. Expect a similar price action in EURUSD, GBPCAD, AUDUSD and NZDUSD. These pairs have a strong positive correlation of up to +85% and will move in the same direction during this intraday.

Trade Recommendations:

Remain flat and observe the price around 1.2777

On the sidelines

Origin: FreshForex

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