Elliott waves analysis – Wait



Wave Analysis:

Perfectly as previous forecasted last week, the cable continues to the lower side but is currently faced by a hurdle around 1.3855, unless the price clearly violate this level to the lower side, we still expect potential buys here. The anticipated buy positions are merely the continuation of both the impulsive waves (c) and (v) and may break above 1.4380 towards 1.45. On the other side, if the price breaks below 1.3855, then we expect a sharp decline with an ultimate target at 1.3540. This pair should be traded alongside GBPHKD, GBPSGD, GBPAUD, GBPMXN and GBPNZD. These pairs have a strong positive correlation of up to +52% and will move in the same direction today.
Trade Recommendations:
Wait for a possible buy around 1.3855 towards 1.45

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