Wave Analysis:
During the previous trading week, the impulsive wave (1) stretched slightly to the upper side but is yet to hit our first target set at 1.3477. During this intraday, we expect a possible extension of the impulsive (1) to the upper side and should break above 1.3477 where we’ll be looking to buy the next impulsive wave (3) with our next target at 1.4363. According to the current chart set up and structure, this pair is pretty much bullish and only a long position can be recommended. As long as the price remains above 1.3063, we expect a possible bullish price rally towards 1.3477. This pair should be traded alongside GBPAUD, GBPNZD and GBPCHF.
Trade Recommendation:
We’re long with our first target at 1.3477 and the next target at 1.4363
Origin: FreshForex
