GBPUSD – Flat
As anticipated, the cable fell but could not go beyond the lower trend line forming bottom of the rising channel. We’re waiting for a clear breakout below this trend line to confirm the continuation of the downward rally towards 1.2029. Any clear rebound from this trend line will call for long positions towards 1.2743, this is however, highly unlikely since other positively correlated pairs , EUR/USD, NZD/USD, and AUD/USD, are pretty much bearish and will likely head further to the lower side. Only buy or sell the cable if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Expect a possible breakout below the lower trend line to go short with an ideal target at 1.2029
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