My picks: limit entry long GBPUSD at 1.4950, against 1.4770, target 1.5300
Expertise: Technical
Average Time Frame of Trades:
The only statement that I can make with a high degree of certainty is that the rally from 1.35 is a larger 4th wave (corrective) and that it is highly probable that 1.3500 will be broken later this year. BUT, as is the case with the EURUSD, a larger advance seems likely prior to the next leg lower. Staying above 1.4776 keeps bulls in control and Cable on a path towards 1.5378 and perhaps 1.5728 (200 day SMA near there as well). Short term support is at 1.4950.
