Elliott Wave Analysis: Cable Is Back To Bullish Mode

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

Today we will talk about Cable (GBPUSD) in which we see quite clear bullish development from Elliott Wave perspective.

As you can see, Cable made only a three-wave A-B-C decline since June 2021 highs, nicely connected within channel range and with equality measurement of waves A=C. It clearly indicates for a higher degree wave IV correction, especially after recent sharp and impulsive reversal from 1.3160 lows and back above channel resistance line that confirms lows is in place.

So generally speaking, we remain bullish on GBPUSD while the price is above 1.3160 invalidation level, especially if breaks above 1.3850 region, just be aware of short-term pullbacks before a continuation higher, because US dollar index is still looking higher.

Trade well!
If you like what we do, then please like and share our idea.

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.

Advanced Elliott wave service
👉 wavetraders.com/elliott-wave-plans/

Latest Webinar
👉 youtu.be/1Z9PiQG6auc

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.