Wave Analysis:
Following the bearish pin bar seen last month, The cable headed straight to the lowerside and is still pretty much bearish both on the daily and weekly charts. As long as the price remains below the opening of last months candle, we expect a possible rally further to the lowerside with the next ideal target being 1.21804. Conservative traders may wait for a correction towards 1.2756 to pick another sell position with a target still fixed at 1.21804, as it on the monthly chart, its good to remain short long positions looks more risky.
Trade Recommendations:
Remain short with your take profit at 1.21804.
Origin: FreshForex
