Wave Analysis:
As previously anticipated, the impulsive wave (5) extended higher but is yet to hit our target set at the weekly resistance level 1.33. During this intraday, we expect a possible extension of this impulsive wave count with the first target at 1.33 a break above this level will push the price further upwards but should not go beyond the weekly resistance level 1.34. This upward rally is highly anticipated since, other positively correlated pairs such as GBPAUD, EURUSD, AUDUSD, NZDUSD and GBPHKD, are very bullish and will likely trade with a bullish bias during during this intraday. Only buy or sell the cable if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Look fo low risk buy opportunities with an ideal target at 1.33
Origin: FreshForex
