For sometimes now, the cable has been rising but is still within our sell place 1.3314. We expect this upward rally to be a mere correction and should not extend above 1.3314. This is just an extension of the corrective wave (4) and as long as 1.3314 is not violated to the upper side, we expect a possible rebound from 1.3314 to short the impulsive wave (5) to the lower side but should not go beyond 1.1518. Expect a similar wave count in GBPAUD, AUDUSD, NZDUSD, and GBPCAD. These pairs have a strong positive correlation of up to +78% and will move in same price action during this intraday. Only buy or sell the cable if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Expect a possible bearish price rally towards 1.1518
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