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 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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