Yesterday, the corrective wave (b) extended a bit higher than expected but is still within our sell zone 1.27735-1.27204. As long as this view protects any invasion to the upper side, we expect a possible rebound from this zone to sell this pair. The anticipated sell position is the continuation of the impulsive wave (c) towards 1.24400 and could extend even lower. We expect a similar price action in GBPCAD, AUDUSD, NZDUSD, EURUSD and GBPAUD. These pairs have a strong positive correlation of up to +74% and will move in the same price action during this intraday. Only buy or sell this pair if the other pairs are giving the same signal.
Expect a possible rebound from 1.27735-1.27204 to short this pair towards 1.24400