Wave Analysis
The cable is currently trading within a rising channel formation. As long as the price remains within this shape formation, we’re looking for long term buy orders with an ideal target at 1.13660. The anticipated bullish price rally is the continuation of the impulsive wave (5) to the upperside and should breakout above 1.13835 towards 1.14 or even higher. This view will only be invalidated in case the the price breaks and closes below the supportive trendline, if this is true, then a move even further to the lowerside is expected.
Trade Recommendations:
Wait for a clear buy signal upon a bounce from the supportive trendline.
Origin: FreshForex
