After a drastic decline seen several days ago, the cable is currently consolidating to the upperside. We expect the current bullish price rally to be the continuation of the corrective three wave cycle and should not go beyond the upper trendline were we’ll be looking for a long term sell order. On the otherside, should price break above the upper trendline, then this will be a good place to look for further buy orders towards 1.25360. As it is, selling this pair looks risky but should price break below the lower trendline, then we may consider a sell order.
We’re waiting for a possible sell from the upper trendline towards 1.20390.