GBP/USD Forecast. Waiting to re buy the cable

gbp_cfd_1Wave Analysis:

As previously anticipated, the inner corrective wave (iv) has extended to the lower side and is still pretty much bearish. During this intraday, we expect a possible extension of this bearish correction but should not go beyond the daily support level 1.3163, where we’ll be looking to re-buy both the impulsive wave (v) and the outer impulsive wave (E) towards the upper trend line. This view can only be rendered futile in case the anticipated correction (wave (iv) extends below 1.3163, if this should happen, then an bearish acceleration towards the lower trend line will be inevitable. This pair will have a similar price action to AUDUSD, NZDUSD, and EURUSD. These pairs have a strong positive correlation and will move in the same direction.

Trade Recommendations:

Wait and rebuy the cable around 1.3163 with your take profit along the upper trendline

Waiting to re buy the cable

Origin: FreshForex

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