GBPUSD – Flat Wave Analysis: The cable rebounded perfectly from the pivot level 1.2413, headed straight to the lower side but is currently approaching a key short term support level 1.2222, we expect a possible rebound from this level to buy the impulsive wave (c), otherwise, a break below 1.2209 may invalidate the anticipated upward rally and could push the price further to the lower side but should not go beyond 1.1987. A big red candle breaking below 1.220 will be a clear sign that we’re continuing short. Expect a similar price action in EURUSD, AUDUSD and NZDUSD. and will have a similar price action during this intraday. Trade Recommendation: Wait for a clear rebound around 1.222 to go long with your first target at 1.2413. Sell positions may only be recommended below 1.2209 with ideal target at 1.19874.
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