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The cable in a corrective mode

The cable in a corrective mode | 03 June 2019

03 June 2019, GBP/USD

The cable in a corrective mode

Wave Analysis

Since 9th May, the cable has been in an active downtrend and is still pretty much bearish both on the 4 hours and the weekly charts. The opening of this week has seen the cable rise tremendously but is still bearish in the lowerside. As long as the price remains below the upper resistance cloud formation, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of the impulsive wave (5) to the lowerside and should breakout below 1.25480 towards 1.24 or even lower.

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Bob Stan
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