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Elliott Wave Charting: Gbp/Usd Daily Chart Review

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Elliott Wave Charting: Gbp/Usd

New lows were reached on cable within a blue wave (5) after a corrective blue wave (4) completed at the 1.5521 region. The current bear market reached lows at the 1.4475 region, from where a powerful bullish reversal appeared. We can count five waves down from the 1.6875 top, which should put a larger upward corrective move in play. Traders with a Long bias must still be very patient as more down-side price action may come in the near future, if the upper resistance line of an Elliott Wave channel, connected from the wave (2) and (4) top, holds.

TheLFB GbpTheLFB Charting: Gbp/Usd daily view

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