Wave Analysis
Earlier today, the British pound established a swing high around 1.125425, currently the pair is rallying to the lower side. We expect this downward rally to be a correction and should push the price much lower towards 23.6% fib level, if the price breaks below this fib level, then further momentum to the lower side is expected towards 38.2% fib level. A break below this, may mean we are heading towards 50.0% fib level. On the fib side, should the price break and close above 1.25425, then this will mean we are continuing to the upper side.
Trade Recommendations:
Wait for a buy from around 38.2% fib level with your target at 1.26.
Origin: FreshForex
