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Elliott Wave Forecast For GBP/USD: Completed Zig-Zag Is Pointing Lower

GBP/USD made three legs up from 1.4810, called a zig-zag that found resistance just slightly above 61.8% retracement area as noted in our past updates. Notice that market reversed impulsively down from 1.5430 which means that rally is complete and that bears are now stronger, so expect even lower levels in days ahead, especially after minor three wave bounce. We will look down as long as 1.5430 is in place.

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Zig-zag

A zig-zag is a 3-wave structure labeled A-B-C, generally moving counter to the larger trend. It is one of the most common corrective Elliott patterns.

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