Wave Analysis
During the previous trading day, the cable declined steeply despite the other day’s forecast that it could continue to the upperside. Generally, we expect a decline, and this should happen when the price hits the level 1.25280. As it is on the daily chart, we expect the current bearish price rally to be the correction of the immediate impulsive wave (c) but should not go beyond 1.21930. If this level is broken, then further momentum to the lower side is expected with an ultimate target at 1.20230.
Trade Recommendations:
We’re looking for sell orders towards 1.21930.
Origin: FreshForex
