Despite our expectations to trade on the higher ranges, the cable fell to the lower side almost 100% the value it rose by on Thursday the 23rd. We expected this downward rally to have been a mere pullback and should not have gone beyond 1.2414 from where were looking for low risk buy opportunities. However, earlier today, the cable traded massively short and even broke below the wedge formation. We expect this downward rally to be the continuation of the impulsive wave (c) but should not go beyond 1.2366, a break below this level will push the price further to the lower side towards 1.2222. This pair should be traded alongside GBPHKD, GBPAUD, and EURUSD. These pairs have a strong positive correlation of up to +76% and will have a similar price action during this intraday. Only buy or sell the cable if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Remain short with the first target at 1.2366 and the next target at 1.222.
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