Wave Analysis:
The cable has not made any significant move to the upper side despite Monday's forecast that it could rise massively. We still expect further momentum to the upper side especially if the price can pullback back slightly to the lower side. Ideally, we expect a higher low formation around 1.3245 to re-buy this pair towards 1.4365. The anticipated bullish price movements is the continuation of both the impulsive wave (E) and the inner five wave cycle. This pair should be traded alongside GBPAUD, GBPNZD, GBPCHF and GBPHKD. These pairs will have a similar price action during this intraday. Only buy or sell the cable if the other positively correlated pairs are giving the same signal.
Trade Recommendation:
Remain long with your first target at 1.3483 and the next target at 1.4365.
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