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GBPUSD Could Turn Bearish This Week

GBPUSD has extended higher in the last two weeks after broken trend-line connected from above 1.6300. As such, we labeled recent big fall as a completed five wave fall in wave I, followed by a corrective bounce which we think its wave II. With that said, recovery from the lows is just temporary so we must be aware of a new sell-off once pair breaks through the lower support line of a corrective channel. Close somewhere around 1.5050 or lower would suggest that rally is done and weakness underway.