ew-forecast

Elliott Wave Analysis: Cable Is Back To Bullish Mode

Long
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!
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