Yesterday, the cable traded short as previously forecasted and is still pretty much bearish on both the monthly and weekly charts, We expect further movements towards $1.1731 during this week but only after minor pullbacks towards 1.2714. Buying this pair at the moment is pretty much risky, instead, we look for potential sell signals to go short. We hope to trade this pair alongside USD/CAD. These two pairs have a strong negative correlation of up to -48% and will have an exact opposite price action during this intraday.
Trade Recommendations:
Wait for minor correlations to the upper side to continue short with an ideal target at $1.1731
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
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Bob Stan
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