Wave Analysis:
Despite the bearish continuation candle seen on Tuesday this week, the cable pulled back upwards during the previous trading but is still bearish in the shorter time . We’re waiting for price to test the the short term resistance line 1.2912 to pick a low risk sell opportunities with our target at the daily support level 1.2777. We’re looking forward to trading this pair alongside EURUSD, GBPHKD and GBPCAD. These pairs have a strong positive correlation of up to +71% and will move in the same direction during this intraday. This pair should also be traded alongside CADJPY and USDCHf, these two have a strong negative correlation to the cable and will move in exact opposite directions.
Trade Recommendations:
Short this pair around 1.2912 with your ideal target at 1.2777
Origin: FreshForex
