Cable hits 1.3000 with fifht wave after UK CPI data

Gregor Horvat Wavetraders

As you know, the US dollar continues to push higher, and the most significant move today is on Cable, which is breaking down towards the 1.30 level after UK inflation softened more than expected to 1.7%. This gives the Bank of England room for more rate cuts, potentially weakening Cable further. However, we could see some near-term support, as the pair shows five waves to the downside. Ideally, a three-wave retracement is expected soon, and that's when we will be looking for more weakness.

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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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