Cable is moving into 5th wave, as we see it unfolding a five-wave bullish impulse from the lows by Elliott wave theory.
Cable with ticker GBPUSD reached a multi-year low after a capitulation back in September 2022. Notice that the price is now looking impulsive on a daily chart, clearly within a five-wave cycle, which indicates for a change in the trend from bearish to bullish by Elliott wave theory.
Now that Cable is trading in 5th wave, we should be aware of a corrective slow down, however, there can be still room up to 1.26 – 1.30 area before correction shows up.
From Elliott wave perspective, every five-wave impulse from lows/highs suggests a change in the trend, but most importantly, after every five waves there comes a three-wave correction.
For detailed view and for more analysis like this you can watch a recording of our latest live webinar from April 03 2023 below:
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