Wave Analysis:
Just as in the Euro, the cable is yet to give us a clear direction. We expected a possible bullish price rally towards 1.3477, but as it appears, the cable could stall below 1.3477 before eventually getting a clear direction. That said, we choose to remain on the sidelines and only buy this pair in case its breaks above 1.3477, if you went long prior to last week, just keep the position open. If not, then wait for price to break above 1.3477 then buy the impulsive wave (3) towards 1.4091. This pair will have a similar price action to GBPAUD and EURUSD.
Trade Recommendation:
Remain long with your target at 1.3477 and the next target at 1.4091.
Origin: FreshForex
