During the previous trading day, the cable had a tough time and could not break below the daily support level 1.3025. However, today, we expect a possible steady upward recovery towards the weekly resistance level 1.33 and may breakout above. As long as the support level 1.3025 protects the lower side, we expect a rebound from this level to rebuy the impulsive wave (c) to the upper side with our target still intact at 1.33. This pair should be traded alongside EURUSD, and USDJPY. The last pair have a strong negative correlation to gbpusd and should move in opposite directions during this intraday, while eurusd has a strong positive correlation to gbpusd.
Trade Recommendations
Expect a possible rebound from 1.3025 to buy the cable with an ideal target at 1.33
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