Wave Analysis
During the previous trading day, the cable spiked massively to the upperside but could not close above 1.2270-1.2281. As long as the price remains below this zone, we expecting further momentum to the lowerside. Ideally, we expect yesterday’s bounce from 1.2197 to have marked an end to the impulsive wave (v) that in case the price breaks clearly below this line, that will be another good sign that we’re continuing to the lower side with an ultimate target at 1.2012 and could continue even lower.
Trade Recommendations:
Buy a rebound from 1.2197, or wait and sell a clear break below this level.
Origin: FreshForex
