Bullish reversal with a leading diagonal – More upside after set-back

Gregor Horvat Wavetraders

Cable reached a multy-year low after a capitulation back in September 2022. Notice that the price is looking impulsive on a daily chart up to 1.23-1.24 resistance where bulls will try to form a breakout, but after a fourth wave pullback which was more complex than we thought, but this one looks finished now after recent nice and strong recovery out of a downward channel and also above 1.2060 bullish level. As such, we will favor more upside after any near-term pullback, possibly in B/2 after a potential leading diagonal in wave A/1 that might find a top. Support is at 1.2145 followed by 1.2.

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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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