Wave Analysis
Today is the last trading day of the week and despite the previous two weekly pin bars, the cable is yet to make any clear moves to the upper side, the price is still below 1.32965. As long as this level protects the upper-side, we expect a momentum to the lower side. The anticipated bearish price rally is the continuation of the impulsive wave (c) and should break below 1.27252 towards 1.20395. The previous two week’s bullish pin bars could as well be false signal. However, should the price rise above 1.32965, then we’ll look for a low risk long position.
Trade Recommendation.
As long as the price is below 1.32965, we expect a possible momentum to the lowerside.
Origin: FreshForex
