Cable long if the ascending triangle holds
Here comes something risky for the current price action - Long GBPUSD.
The pair has been range trading for a while, and there seems to be plenty of selling pressure. However, I think GBPUSD is currently in an upward long-term Elliott. The first impulse was very quick and over around 30 March at 1.246. Since then there was a higher high, but I think the pair is still in the corrective wave in shape of an ascending triangle (A-B-C-D-E). The current price action around 1.23 might be the point E which means that the corrective formation is about to be complete. If this materialises, then the expected price action is the commencement of a second impulse wave to the upside.
The pair has been range trading for a while, and there seems to be plenty of selling pressure. However, I think GBPUSD is currently in an upward long-term Elliott. The first impulse was very quick and over around 30 March at 1.246. Since then there was a higher high, but I think the pair is still in the corrective wave in shape of an ascending triangle (A-B-C-D-E). The current price action around 1.23 might be the point E which means that the corrective formation is about to be complete. If this materialises, then the expected price action is the commencement of a second impulse wave to the upside.
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