(Elliott Wave) Cable Can Be Turning Bullish, Waiting UK CPI

Cable came nicely down in the last 24 hours, and so far we can count three subwaves within a potential wave B retracement. Be aware of possible stabilization, ideally in our yellow box around the 1.3380–1.3370 region, from where the pair could see a nice recovery in the sessions ahead. Why? because rise from last week lows was impulsive and suggests bulls can rally further. However, don’t forget about the UK CPI data coming out tomorrow — inflation is expected to rise to 4% from 3.8%, which could impact volatility and rate cut expecations. 

Elliott Wave Video

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