GBPUSD – Flat Wave Analysis: As previously forecasted, the cable sustained the break above the break above 1.2414 and is still showing signs of possible momentum to the upper side. We’re waiting for minor bearish pullbacks towards the just broken pivot level to give us low risk buy opportunities. The anticipated buy positions should be the continuation of the impulsive wave (c) towards 1.2725. A break above this level will push the price further to the upper side but should not go beyond 1.3040. This view can only be rendered futile in case the pair end up below the pivot level 1.2414, if this is the case, then an acceleration to the lower side is inevitable. Expect a similar wave count in NZDUSD, EURUSD and AUDUSD. These pairs have a strong positive correlation and will have a similar price action during this intraday. Trade Recommendations: If you’re not long already, wait for minor bearish pullbacks to go long with an ideal target at 1.2725.
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