Wave Analysis
Despite the previous week’s bullish pin bar bouncing from the weekly support level 1.31, the cable continues to rally to the lowerside and is showing signs of ralling even lower. If the current weekly candle can close perfectly as it is right now, then we’d expect a momnetum to the lowerside diring the coming week. Thid downward rally is the continuation of the impulsive wave (c) and should break below 1.27252. However, should the price fail to break below the red supportive line marked above, then we’ll expect a momentum to the upperside.
Trade Recommendations:
Wait for a buy opportunity as long as the price is above 1.31
Origin: FreshForex
