Forex

Cable Is Rising Within A Five-Wave ImpulseDec 15, 2023

Cable Is Rising Within A Five-Wave Impulse from technical perspective and by Elliott wave theory.

Cable (GBPUSD) made a nice bounce, with price coming to a new high as BoE turned out to be more hawkish than expected if we consider the votes for the hike by BoE members. So it appears that the pound will stay in the uptrend as the whole pattern from an October low now shows an impulsive price action in progress. Ideally, that’s wave five of 3 in progress with some short-term resistance around 1.2850.

Cable Is Rising Within A Five-Wave Impulse GBPUSD 4H Chart
GBPUSD 4H Chart

Basic Impulsive Bullish Pattern shows that Cable can be finishing wave (5) of 3 that can cause a new corrective setback in wave 4 before a continuation higher for wave 5 within a new lower degree five-wave bullish cycle.

Cable Is Rising Within A Five-Wave Impulse Basic Impulsive Bullish Pattern
Basic Impulsive Bullish Pattern

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