Wave Analysis:
The cable is still stagnating above 1.3112 and is not showing any signs of dropping below it. As long as this level protects the lower side, we’re waiting for a clear buy signal to long this pair with our target still set at 1.3177. The anticipated bullish price rally is merely the continuation of the impulsive wave (1) to the upper side and may break above 1.3477 where we’ll be looking to buy the next impulsive wave (3) towards 1.4198. This pair will have a similar price action to GBPNZD, NZDUSD and EURUSD. These pairs have a strong positive correlation and will move in the same direction.
Trade Recommendation
If you’re not long already, you could wait and buy this pairf upon a breakout above 1.3477 with your target at 1.4198
Origin: FreshForex
