Wave Analysis:
A fortnight ago, the cable rose above 1.30766, last week, the price tried to break again below the same level but failed to penetrate below it, instead, last week’s candle ended up being a bullish inside bar. As long as the price remains above 1.30766, we’re buyers. Our expectation is that the price should attempt penetrating even lower but should not go below last week’s lowest low. This, 1.300 is the best zone to buy from. You stop loss should be below the candle that triggered the break above 1.30766 a fortnight ago. With this buy position, you take profit should be at 1.42339. On its way upwards, the key level to look for include 1.35325 and the next at 1.37950.
Trade Recommendation:
Buy the cable around last week’s lowest low with your take profit at 1.42339.
Origin: FreshForex
