Cable found some footing and appears to be seeking stability after the latest inflation report. The CPI on a y/y basis was reported at 3.2%, a decrease from 3.4%. However, Cable is still ticking slightly upward because the forecast was 3.1%, and this miss has impacted sentiment. From an Elliott wave perspective, we see the price emerging from this hourly downtrend channel, suggesting there could be more gains. But for a confirmed change in trend, you'd want to see an impulsive movement, meaning five waves up from the lows and a push up to 1.2540. If Cable does gain strength, we might even turn bullish here, with potential long opportunities once a bottom is established.
Deeper projection, for further weakness would be near 1.235, then 1.23.
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
By using Wavetraders website, any services, products, and content contained here, you agree that use of our service is entirely at your own risk. You understand that there is a very high degree of risk involved in trading on the markets. We assume no responsibility or liability for your trading and investment results. The charts, and all articles published on www.wavetraders.com are provided for informational and educational purposes only!
By using the information and services of www.ew-forecast.com you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you.
Recommended Content
Editors’ Picks
AUD/USD weakens amid anti-risk flow; bearish USD could limit losses
AUD/USD drifts lower on Friday, although it remains confined within a multi-week-old trading range below the YTD high. Trade-related uncertainties and rising tensions in the Middle East weigh on investors' sentiment and the risk-sensitive Aussie. The downside, however, seems limited amid the USD slump to a multi-year low.
USD/JPY seems vulnerable amid geopolitical risks, BoJ rate hike bets
USD/JPY prolongs its downtrend for the third straight day on Friday. The global risk sentiment takes a hit amid an escalation of geopolitical tensions in the Middle East, which boosts the JPY's safe-haven status. The USD plummets to a two-year low amid rising Fed rate cut bets and contributes to the decline.
Gold consolidates its gains near $3,380
Gold maintains its weekly rebound well in place, now trading in the sub-$3,400 region per troy ounce in response to the persistent selling bias in the US Dollar, declining US yields across the curve and growing geopolitical tensions.
Circle plunges 10% as XRP Ledger integrates USDC, EVM sidechain to launch in Q2
Stablecoin issuer Circle saw a 9.1% decline on Thursday after it revealed that it has integrated USDC on the XRP Ledger, making it available for businesses and users on the remittance-based token's blockchain.
US tariffs here to stay, trade deals ‘largely symbolic’
Despite legal challenges to IEEPA tariffs, US trade policy remains firm. Tariffs on steel and aluminium have doubled, and new sectoral tariffs are expected. Trade deals may emerge, but most will be symbolic. Effective tariff rates will stay high throughout 2025.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.