Wave Analysis:
During the previous trading week, the cable successfully closed below 1.33015. This is a key weekly resistance line and while it holds price below it, we’re waiting for a clear sell signal. As it is on the weekly chart, conservative traders should have their pending sell orders around 1.33015 and stop loss above 1.35700 and take profit at 1.26781. As it is, only a close above 1.33015 will attract a long term buy order towards 1.40530, on its way upwards a key level is seen at 1.38150. A break above will push the impulsive wave (C) even higher.
Trade Recommendations:
Wait for a sell from 1.33015.
Origin: FreshForex
