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We are providing technical analyzes for the financial markets and how they behave based on the Elliott Wave Principle. The Elliott Wave Principle gives you a method for identifying at what points a market is most likely to turn. And that, in turn, gives you guidance as to where you might enter... More
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  • GBPUSD Is Bullish, But Maybe Only Temporary; Technical Resistance Is Near 0 comments
    Jun 11, 2013 9:12 AM

    GBPUSD reversed sharply higher last week, back to 1.5600 but the whole structure from 1.4800 is still looking corrective. The reason is a three wave rise up to 1.5600 which was probably first zig-zag followed by a sharp drop in wave (NYSE:X) that caused another rally now in second zig-zag labeled as wave (NYSE:Y) that may test 1.5800-1.6000 in the next two weeks. An impulsive, sharp drop in price from that resistance and back to 1.5300 will put bearish price action back in control.

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