GBPUSD – Flat
Wave Analysis:
During the previous trading day, we saw an extension of the correction of the previous five wave cycle but is currently approaching a key level 1.3855. As long as this level is not violated, we expect a possible rebound from this level to pick a long position with an ultimate target at 1.4705, the anticipated bullish price rally is merely the extension of the impulsive waves (c) and (v) and may break above 1.4270 towards 1.4705.. This pair should be traded alongside AUDUSD, NZDUSD, EURUSD and GBPHKD. These pairs have a strong positive correlation of up to +53% and will move in the same direction today.
Trade Recommendations:
Flat temporarily.
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