Wave Analysis
The Close of the previous day saw the cable break below 1.23390. This was a major move and following the just witnessed break below yesterday’s lowest low, I expect nothing but a possible momentum even further to the lowerside. The idea is not to look for a sell position now, rather, wait for a pullback towards 1.2317 to pick a low risk sell order. Conservative traders should have pending orders around this level with their stoploss above 1.23480 and their take profit levels around 1.22540.
Trade Recommendations:
Resell the cable from 1.2317 with your stop loss above 1.23480 and take profit at 1.22540.
Origin: FreshForex
