Wave Analysis:
Instead of going short as anticipated, the pair retraced to the upper side and even broke above 1.2412 but is currently pulling back to the lower side. We expect the current bearish price rally to be a mere correction of the impulsive wave (c) and should not go beyond 1.234 from where we’ll be looking for low risk buy opportunities. The anticipated buy positions should be the continuation of the impulsive wave (c) towards 1.2725. This view can only be rendered futile in case the pair end up retracing lower than 1.23188, if this is the case, then we expect a bearish acceleration towards 1.2029. Trade this pair alongside EURUSD and GBPHKD. As long as these pairs are bullish, remain long in GBPUSD.
Trade Recommendations:
If you’re not long already, wait for the current retracement to end around 1.2344 then go long with an ideal target at 1.2725.
Origin: FreshForex
