Wave Analysis:
The cable continues to decline in value and may continue to fall with our target still being 1.3812. The anticipated bearish price rally is merely the continuation of the recent bearish correction and may not even reach 1.3612 before a clear move to the upper side is seen. According to the current chart set and structure, the just mentioned sell position looks more ideal and can be recommended especially while the price is still above, but if the price can rise above 1.4190, then a move towards 1.4618. This pair should be traded alongside GBPHKD, GBPCHF and GBPAUD. These pairs have a strong positive correlation of up to +71% and will move in the same direction.
Trade Recommendations:
You can re buy the cable around 1.3770 or around 1.3612
Origin: FreshForex
