Wave Analysis:
During the previous trading day, the cable rallied higher perfectly as previously forecasted, and is still pretty much bullish both on the daily and weekly charts. Following the bounce from the daily support seen at 1.3855, we expect further momentum with an ultimate target at 1.4730 or even higher. This view can only be invalidated in case the price end up breaking below 1.3855, if this is the case, then we expect a possible bearish momentum. This pair should be traded alongside USDJPY, CADJPY, AUDJPY and HKDJPY. These pairs have a strong negative correlation of up to -52% and will move in exact opposite directions today.
Trade Recommendations:
Remain long towards 1.4730
Origin: FreshForex
