Wave Analysis
Despite the previous forecast that this pair could continue to the upperside, the cable continued massively to the lower side and even went below 1.2281-1.2270. As long as the price remains below this zone, we expect nothing but a possible continuation of the current five wave cycle and should break below the yesterday’s lowest low towards 1.20. We expect the current bullish price rally to be the continuation of the corrective wave (iv) and should not go above 1.2270 where we’ll be looking to sell the last impulsive wave (v).
Trade Recommendations:
Sell the cable from 1.2270.
Origin: FreshForex
