Cable reversed early this week from 1.64 resistance level after a nice clear five sub-waves within an extended wave 3. As such, a wave 4 pull-back occurred, which in fact already appears complete around 1.6200 support from where pair bounced back above 1.6320 uptrend confirmation level.
Guest post by Gregor Horvat
Notice that wave 4 reversed perfectly from base channel which reacted as a very good support, as usually do in impulsive sequence. As such, wave 5 is now in view, targeting new highs, potentially 1.6500, while pair trades above 1.6200 and 1.6150 supports.
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