Despite our expectations that the impulsive wave (c) could extend lower, the cable continues to correct itself upwards. We expect the bullish candles seen on the daily charts for the past two days to be mere correction of the impulsive wave (c) and should not go beyond 1.27735 from where we'll be looking to resell the impulsive wave (c) towards 1.24400. This view can only be rendered futile in case the price end up breaking above 1.27735, a break above this level will push the price further to the upper side but should not go beyond 1.34293. Expect a similar wave count in GBPAUD, GBPCAD, GBPCHF and EURUSD. These pairs have a strong positive correlation of up to +71% and will move in the same direction during this intraday.
Trade Recommendations
Expect a possible rebound from 1.27735 to short this pair towards 1.2440
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