Despite the bearish engulfing candle seen yesterday at 08:00, the cable traded relentlessly to the upper side and even broke above a key retracement level 1.2395. This pair is in an overall uptrend, thus, we're only interested in signals pointing to the upper side. With that said, we're waiting for minor bearish corrections towards 1.2318 to continue long with our first target at 1.2388 and the next target at 1.2421. A break above 1.2421 will push the price further to the upper side but should not go beyond 1.2553. The anticipated upward rally is the continuation of the impulsive wave (3), should be extensive in nature but should not go beyond 1.2725. Expect an exact opposite price action in USDCHF, and USDJPY. For almost a year now, these pairs have had a strong negative correlation and will move in exact opposite directions during this intraday.
Trade Recommendations:
Conservative traders should wait for minor bearish retracemnts towards 1.2318 to go long with an ultimate target at 1.2725.
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