GBPUSD(Daily)- Ask Cable -where it wants to go?

Aug 17, 2016

Currently- If Cable moves above 1.3070-key level -Cable can test 1.3481(1.3478) - previous highs(a-wave-yellow wave) in the form of c?(yellow wave).
The fall from 1.3478-1.3481 looks corrective & has not went below 1.2789- i-wave low.

Trading Strategy-1: Incase cable goes below 1.2789- we should look for lower targets

Trading Strategy-2: If Cable goes above 1.3070 -latest swing high- in that case cable can retest previous highs @1.3481 & even more as mentioned above.

we should wait for clear breakouts on either side to know- where cable wants to head rather than guessing ourself.

Regards,
Abhishek H.Singh,CMT