Wave Analysis
Earlier this week, the British pound established a swing high around 1.25980. While the price is not able to successfully close above this level, we are waiting for price to pullback to the lower side towards 23.6% fib level, if the price breaks and closes below this fib level, then I will expect further correction towards the next fib levels but must not go beyond 50.0% fib level. The anticipated bearish correction if the continuation of the corrective wave (iv) and should end before we buy the last impulsive wave (v) with an ultimate target around 1.27.
Trade Recommendations:
Expect further bearish correction.
Origin: FreshForex
