GBPUSD – Flat Wave Analysis: For the past two days, the cable has been retracing to the upper side despite our expectations to continue short. We expect this upward retracement to be a mere correction of the impulsive wave (c) and should not go beyond the end of the first motive wave (1), 1.2378, from where we’ll be looking to sell the last impulsive wave (5). Any retracements above 1.2378 may invalidate the anticipated upward rally and could lead to a possible bullish momentum towards 1.2725. Expect an exact similar wave count in NZDUSD, AUDUSD, and an exact opposite wave count in USDCHF. Trade Recommendations: If you’re not short already, wait for the current corrective rally to rebound around 1.2298 then go short with an ideal target at 1.2035
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