Cable can be targeting 1.29 area with a fifth wave

Gregor Horvat Wavetraders

So far this year, pound has made significant progress to the upside and it's still underway. However, there's now a chance that pair is trading in a final wave (5) of a five-wave bullish cycle on a daily chart, which can face a new, higher-degree correction later this year. Looking at the 4-hour chart we see it price breaking higher, out of the bullish fourth wave triangle pattern, so it appears there is a new impulse in play, possibly towards 1.29 area this week, after minor wave four finds support near 1.27-1.2750. A drop below 1.26 will mark end of a bullish run.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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