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.
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.
Become a member
Get daily Elliott Wave updates for some major Digital currencies, FIAT currency markets, major stock indexes, gold, silver, crude etc. or apply for unlimited access to the Elliot Wave educational videos.
USDNOK Can Be Trapped In A Triangle. Check our blog HERE.