GBPUSD – Flat Wave Analysis: Despite the bullish engulfing candle, and a bullish pin bar seen on 7th and 21st Feb respectively, the cable is still reluctant to go long above 1.2461. Instead, this pair is consolidating, not going above 1.2461 or below 1.2461. Although we expect further acceleration to the upper side, we choose to sit on the side lines momentarily and only go long upon a clear breach above 1.2461. A break above this level will culminate into a possible bullish price movements towards 1.2725 and may break higher to 1.2738. Expect a similar price action in EURUSD, GBPAUD, GBPNZD and GBPHKD. These pairs have a strong positive correlation of up to +81% and will have a similar price action during this intraday. Trade Recommendations: Wait for a clear rebound from 1.2414 to go long with an ideal target at 1.2725.
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