GBPUSD; Three Legs Down To 1.6550
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March 11 2014
GBPUSD turned down yesterday, through the lower side of an upward channel that suggest now a completed wave B. As such price is now heading down in wave C final leg of corrective pattern that may look for a support around 1.6550 later this week. Keep in mind that larger trend is still up, and that retracement from 1.6822 is just temporary.
On the intraday chart of cable we see slow price action above 1.6620 level after some strong sell-off yesterday through 1.6700 zone. That move yesterday was most likely wave (iii) of an impulsive decline in progress, so we suspect that current pause represents wave (iv) so we can assume that GBPUSD has room for more weakness within current wave C.
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