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GBPUSD: Weekly Elliott Waves Analysis 8th May 2017

GBPUSD In resistance zone of downtrend GBPUSD has just entered the resistance zone of the 4th wave and a likely turn will come at the top of the 1st resistance zone. Wave count will be invalidated if price moves above the 3rd resistance zone. However small your size is, if you are already short, you should cut if it reaches the 2nd resistance zone and wait for the turn. Remember, this is a WEEKLY CHART!