Wave Analysis
For the better part of this week, the cable declined in value and is currently approaching a key weekly support level 1.2768. This level is also a daily level and as long as the price remains above it, we expect a possible rebound from it to pick a long term long position with an ultimate target at 1.3325, and should the price break below it, then we’ll wait for a correction to the just broken level to pick a short position towards 1.2135. The anticipated bearish price rally is the continuation of the impulsive wave (c) and should break below 1.25 .
Trade Recommendations:
Only sell a clear break below 1.2768 with your take profit at 1.2135.
Origin: FreshForex
