During the previous trading day on Friday, the cable lost 100% the value it gained during the last two trading days(Wednesday and Thursday last week). This is a possible sign that bears are encroaching this market and therefore buying or holding onto a long position in this pair may not be the best choice. That said, during this intraday, we expect a possible bearish price rally towards the daily support level 1.2777. Only a clear break below this support level will push the price further to the lower side. Expect a similar wave count in EURUSD, AUDUSD and NZDUSD. These pairs have a strong positive correlation and will have a similar price action during this intraday.
Trade Recommendations:
Expect a possible bearish price rally towards 1.2777
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.