Earlier today, the cable gaped a bit lower than expected and is still 1.2777, as long as the level 1.2777 is not violated, we expect a possible extension of the impulsive wave (c) to the lower side but should not go beyond 1.2444. A clear breakout below this level will push the price further to the lower side with the next ideal target at 1.2156. At the moment, the current chart set up and structure is pretty much bearish and selling or holding onto a sell position in this pair may not neccessairily be the best idea. Instead, we hunt for short positions. Expect a similar price action in GBPAUD, GBPCAD, EURUSD and AUDUSD. These pairs have a strong positive correlation nof up to +67% and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bearish price rally towards 1.2444
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