GBPUSD – Flat Wave Analysis: The cable continues to make fresh weekly lower lows but should not go beyond 1.2022. Although we expect further momentum to the lower side, we’ll only be interested in continuing short upon retracements towards 1.2340. The anticipated bearish wave count should be the continuation of the impulsive wave (c) and should be extensive in nature. Ideally, as long as the pair remains below 1.2340, we expect a possible bearish price movements towards 1.2077. As long as we’re short in this pair, we choose to remain long in USDCHF and USDJPY. These last two pairs have a strong negative correlation to the cable and will move in an exact opposite price action. Trade Recommendations: If you’re not short already, wait for minor pullbacks towards 1.2340 to go short with an ideal target at 1.2077.
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