The primary trend of the Cable (Gbpusd) is still bearish, W-3 of the primary trend is still in motion.
Throughout April, the Cable rallied in a 4th intermediate wave ( a zigzag pattern) which we forecast to end at 1.4768 before a probable bearish resurgence.
The 4th intermediate wave is the sub-wave 4 of W-3 of the primary wave.
A bearish motive is usually seen after this kind of scenario and so we expect more move downside ( in what could last till June/July) especially as the dip from 1.4768 is a good motive wave.
If the intra day price action moves as shown above (would mean the completion of a pattern) , a break above 1.4420 should end the intra day bearish motive wave ( with a diagonal mouth) from 1.4768, especially if price is held above 1.4360.
A correction to 1.4529 or 1.4615 is probable and imminent.
Read the last forecast here.
Read the long term forecast here.
Throughout April, the Cable rallied in a 4th intermediate wave ( a zigzag pattern) which we forecast to end at 1.4768 before a probable bearish resurgence.
The 4th intermediate wave is the sub-wave 4 of W-3 of the primary wave.
A bearish motive is usually seen after this kind of scenario and so we expect more move downside ( in what could last till June/July) especially as the dip from 1.4768 is a good motive wave.
If the intra day price action moves as shown above (would mean the completion of a pattern) , a break above 1.4420 should end the intra day bearish motive wave ( with a diagonal mouth) from 1.4768, especially if price is held above 1.4360.
A correction to 1.4529 or 1.4615 is probable and imminent.
Read the last forecast here.
Read the long term forecast here.
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