Upon the release of the UK Elections results during the previous week, the cable gaped lower below a key daily support level 1.27770 and is still below this support level. As long as this level protects the upper side, we expect a possible bearish price rally towards 1.2440 and may extend even lower. Although this downward rally is highly anticipated, we're waiting for a clear rebound from 1.27770 to short this pair with a target at 1.2440. This view can only be invalidated in case the pair end up breaking above 1.27770, if this is the case, then an acceleration to the upper side is invalidated. Expect a similar wave count in GBPCAD, EURUSD, AUDUSD and GBPAUD. These pairs have a strong positive correlation of up to +76% and will move in the same direction during this intraday.
Trade Recommendations:
As long as 1.2777 protects the upper side, expect a possible bearish price rally towards 1.2440
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