Wave Analysis
Since 20th September, Gbpusd has been in a constant downward; within the falling channel and is still pretty much bearish both on the daily and weekly charts. As long as the pair is within this channel, we expect a possible bearish price rally towards 1.3180 and could break even lower but should not go beyond 1.27773. From a wide point of view, this pair is good for long term short trades. Of course, we expect minor pullbacks to the upper side before picking a low risk sell opportunity. This pair should be traded alongside GBPAUD, NZDUSD, and AUDUSD. These pairs have a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendations:
Remain short with your target at 1.3180
Origin: FreshForex
