Wave Analysis:
After establishing a support around 1.3770, the cable is currently rallying to the upper side, we expect further extension to the upper side and should break above 1.4400 towards 1.4825. According to the daily chart above, it looks good to remain long, alternatively, you could wait for a break above 1.4400, then pick a position to the upper side. This view can only be invalidated in case the price end up breaking below 1.3770, this being the case, we expect a possible bearish momentum towards 1.3560. This pair should be traded alongside GBPHKD, GBPSGD, GBPMXN and EURUSD. These pairs have a strong positive correlation of up to 52% and will move in the same direction today.
Trade Recommendations:
We’re still long with an ultimate target at 1.4400
Origin: FreshForex
