Cable(GBPUSD) has been trading within the upward channel and recently pushed beyond 1.3525 level. This suggests the move from the November lows is still unfolding impulsively, without any meaningful pullback so far. However, there is a chance this could have been a fifth wave coming out of a running triangle placed in wave four, so we assume that a new correction can show up now, towards lower prices. A broken channel will certainly suggest that bears are here. On pullbacks, support remains at the previous fourth wave levels around 1.3416 and 1.3312. After any corrective dip, we would continue to look for more gains within the still incomplete bullish structure shown on the daily chart.
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