Gbp/Usd: Recovery Udnerway
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Oct 07 2011
Cable moved nicely lower yesterday, into a new low, below 1.5300 level. Well, market reversed sharply just few hours after a new low was established which could be an early signal that wave 5) is done. In fact, we have a very common bullish divergence on the RSI between wave 3) and wave 5) lows which is just another evidence for a bullish reversal. As such, larger A)-B)-C) pull-back will now be the minimum expectation in that recovery mode!
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