EW Analysis: Cable Can Be Forming A Triangle

OANDA:GBPUSD   British Pound / U.S. Dollar
Hello traders!

We have noticed an interesting pattern on Cable ( GBPUSD ). It's a corrective triangle consolidation, which is also a continuation pattern that usually occurs either in wave (B) as part of a correction or in wave (4) as part of an impulse and as you can see, in our case it can be as part of wave (4) that can send the price into new highs for wave (5) at least towards first target 1.3200 area or maybe even higher towards 1.3600 second target in case of an extended waves, but we always consider minimum expectations and if goes higher then even better.

From a technical perspective you can see that it's nicely trading within an Elliott Wave channel and right now is sitting at the channel support line, so we would not be surprised if we see GBP rally soon, especially because a triangle could be already finished since we noticed the final wave E of (4). However, triangle might still be even more complex and sideways, so to confirm our view the price needs to break above 1.2985 region, while above 1.2820 invalidation level.

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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Dec 03
Comment: Cable on teh move....
Dec 12
Comment: First 1.3200 target is here, but can we go to even to 1.36?!
Dec 13
Comment: Cable did it!
Jan 16
Comment: New fresh Cable update after reaching that 5th wave:
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cable is breaking above 1.3000 now out of a triangle!
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