Ealier today, the British pound gaped up but is currently pulling back to the lowerside. We expect the downward rally witnessed following this gap up to be a mere correction and should not go below the support level 1.2508 from where we'll be looking to buy the impusive wave (5) towards 1.2725. Any clear breakout above this level will push thr price further to the upperside but should not go beyond 1.2937. This view can only be invalidated in case the cable end up below 1.2508, if this is the case, then an accelation to the lower side is inevitable. Expect a similar wave count in GBPHKD and GBPAUDD. These pairs have a strong positive correlation of up to +74% and will have a similar price action during this intraday.
Trade Recommedations:
Wait for a possible rebound from 1.2508 to go long with an ideal target at 1.2725
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