Wave Analysis
During the previous trading day, the cable bounced off from the level 1.2900 and is currently heading to the upperside, we expect this bounce to have marked an end to the corrective wave (4) that the current bullish price rally is the continuation of the impulsive wave (5) to the upper side and should breakout above 1.2980 towards 1.301 or even higher. This view can only be invalidated in case the price breaks and closes below 1.2980, if this is the case, then further momentum to the lowerside is expected with an ultimate target at 1.2780.
Trade Recommendations:
Remain long with an ideal take profit at 1.2980.
Origin: FreshForex
