GBP/USD Forecast: expect a drop towards the daily support level 1.3662

news_22_feb_1_gbp_usdWave Analysis:

Just as in the euro, this pair has not shown any clear signs this week, we expect a drop towards the daily support level 1.3662, but as it appears, the cable may stagnate before eventually dropping to our target set at 1.3662. The level 1.3662 is our buyers territory and as long as it protects the lower side, this is a good buy place for long term traders. Any clear breakout below may push the price further to the lower side with the next target at 1.3138. This pair should be traded alongside GBPHKD, EURUSD, NZDUSD and AUDUSD. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendation:

Buy the Cable upon a rebound from 1.3662 with a take profit at 1.4400

Buy the Cable upon a rebound from 1.3662

Origin: FreshForex

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