GBPUSD – Flat Wave Analysis The cable fell drastically to the and is still pretty much bearish both on the daily and the weekly charts. We expect the upward rally witnessed earlier today to be an onset of a bullish correction and should not go beyond 1.2257 from where we’ll be looking for low risk sell opportunities to continue short with an ideal target at 1.1987. This view may only be invalidated in case the cable end up progressing above the previous day’s highest high 1.2306, if this case, the case, then an acceleration to the upper side is inevitable. As long as we’re long in this pair, we choose to remain short with USDCHF and USDJPY. These pairs will have exact opposite price action to the cable. Trade Recommendations: Wait for a clear rebound from 1.2257 to go short with an ideal target at 1.1987.
You may check other analytical reviews on the web-site of FreshForex company. Source: freshforex.com.
https://freshforex.com/analitics/fresh-forecast/forex-correlation-and-Elliott-wave-analysis/issue_85210.html?utm_source=rssfeed&utm_medium=rss&utm_campaign=rssnews&ff_mrk=rss&aff=64063
