Elliott Wave: GBP/USD ready to resume higher

Gregor Horvat Wavetraders

Yesterday, the UK CPI data came out as expected at 2.2% year-over-year, and Cable broke above the 1.3300 level on speculation that the Bank of England will maintain its current interest rate policy. With rates expected to remain unchanged, this could keep the pound in an uptrend. From an EW perspective I also think pair may resume higher from current levels after forming an a-b-c irregular correction, finding support recently at 1.3150. Therfore, I believe there is room for a move towards 1.3350 to 1.3400 as long as the price holds above the 1.3000 support.

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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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