Perfectly as previously forecasted, the impulsive wave (5) extended massively to the upper side and is still pretty much bullish both on the daily and weekly charts. During this intraday, and in the next few days we expect a possible extension of the impulsive wave (5) to the upper side and should break above 1.4126 towards 1.4820. According to the chart above, only a long position can be recommended especially while the price is above 1.3595, if the price can fall below it, then we may consider a short position, but as it is, only a long position looks better. This pair has strong positive correlation of up to +71% with GBPHKD, GBPMXN and EURUSD and will move in the same direction today. Only buy or sell the cable if the other pairs are giving the same signal.
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