GBPUSD – Flat
Despite the beraish pin bar seen few days ago, the cable is still pulling back upwards, we’re waiting for a sell around 1.3908. We expect the level 1.3940 to have marked the end of the impulsive wave (5) that the current bearish price rally is the unfolding of a corrective three wave cycle and but should not go beyond 1.3585. This pair should be traded alongside GBPHKD, GBPSGD and GBPAUD. These pairs have a strong positive correlation of up to +72% and will move in the same direction today. Only buy or sell euro if the other positive correlated pairs are giving the same signal.
Sell the cable around 1.3908 with your take profit at 1.3585
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