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The Cable retracing but should not go beyond 1.24400

The Cable retracing but should not go beyond 1.24400 | 11 April 2017

11 April 2017, GBP/USD

The Cable retracing but should not go beyond 1.24400

Wave Analysis:

Yesterday, the cable retraced slightly to the upper side but is currently rallying below a key resistant level 1.24400. As long as the pair remains below this level we choose to hold onto a bearish bias sentiment on this pair. Ideally, we're waiting for a perfect rebound from 1.2440 to confirm the continuation of the bearish price rally towards 1.2456. This view can only be invalidated in case the pair end up above 1.2440, if this is the case, then an impulsive rally towards 1.2725 will be inevitable. This pair should be traded alongside GBPHKD, AUDUSD and NZDUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible rebound from 1.2440 to go short with an ideal target at 1.2156.

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Bob Stan
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