Instead of going long as anticipated, the cable is still reluctant to rise above 1.3037, instead, this pair traded short and has even formed a bearish pin bar on the daily chart (yesterday's candle). During this intraday, we expect a possible bearish wave count with an ideal target at 1.27770 from where we'll be looking for low risk buy opportunities. This pair should be traded alongside GBPAUD, GBPCAD and GBPCHF. These pairs have a strong positive correlation of up to +86% and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bearish price rally towards 1.2777. Conservative traders should wait and buy at 1.27770 with an ideal target 1.34.
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