Cable has seen a pretty nice recovery from the November lows, made a new high around 1.3870, which is above the 2025 highs. This suggests that the higher degree recovery is slowly be coming to an end. What is most important right now is that the market reversed from the 1.3869 area in an impulsive manner, so more near-term weakness looks possible. Of course, this could still turn into just another three-wave correction, but the minor five waves from the highs likely signal at least a short-term pause after some consolidation. More importantly, if we see a break below the lower trend line of the impulsive channel, that would be very concerning for the bullish case and would suggest that bears are starting to take control. Resistance for current rally is at 1.37/1.3750.
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