Cable is back in an uptrend after a capitulation back in September, with the current price making some extended move up after breaking above 1.2 psychological level. We see Cable unfolding a five-wave bullish impulse from the lows, with more upside coming after recent pullback from the highs that unfolded as a correction. Ideally, that was subwave four that can not send the price back into an uptrend after a break above 1.2150 resistance. Ideally that’s now the beginning of a new fifth wave higher. Some spectators are also betting on GBP as they believe BoE should be more hawkish with CPI at 10.5%.
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