GBPUSD – Flat Wave Analysis: As previous forecasted, the cable failed to close below the short term key support 1.2465 and is currently heading to the upper side. As long as this support protects any invasion to the lower side, we choose to hold onto our previous buy position with our target still intact at 1.2725. A break above 1.2725 will push the price further to the upper side but should not go beyond 1.2922. This view can only be invalidated in case the pair end up below 1.2465, if this is the case, then an bearish acceleration towards 1.2222 will be inevitable. Expect a similar price action in GBPNZD, GBPJPY, and GBPHKD. These pairs have a strong positive correlation of up to +67% and will have a similar price action during this intraday. Trade Recommendations: As long as the pair remains above 1.2465, expect a possible bullish price movements towards 1.2725. Sell positions may only be recommended below 1.2465 with an ideal target at 1.222.
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