Yesterday, the cable traded massively to the upper side but has currently retraced back to a key short term support level 1.2556. We're waiting for a perfect rebound from this level long with our previous target still intact at 1.2725. The anticipated upward rally is the continuation of the impulsive wave (5) and should be extensive wave in nature but must not go beyond 1.2725. This upward rally is supported buy the fact that the daily chart is pretty much bullish and is developing a similar rally to the upper side.
Expect a similar wave count in EURUSD and GBPHKD. These pairs will have similar price action during this intraday.
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