GBP/USD Forecast: expect a rally to the upper side

eur_gbp_1Wave Analysis:

Just as in euro and other positively correlated pairs, this cable is also pulling back upwards and is currently rallying above 1.3855. recently, the price merely merely touched this support but has just pulled back above. As long as the price remains above 1.3855, we expect a rally to the upper side, bt should the price get below 1.3855 for the second time, then a decline towards 1.3500 is expected. This pair should be traded alongside EURUSD, GBPSGD, GBPMXN and AUDUSD. These pairs have a strong positive correlation of up to +52% and will move in the same direction today.

Trade Recommendations:

Expect further bearish corection towards 1.3500

Expect further corrections

Origin: FreshForex

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