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GBPUSD Trying To Form A Bearish Reversal At 1.5600


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May 02 2013

On GBPUSD hourly chart we can count completed five waves up in wave C that shows signs of a top around 1.5606 because of ending diagonal in wave 5, divergence on the RSI and now also accelerating price action below the trading channel which suggests that pair is in early stage of a minor wave (iii) down. Further weakness today and tomorrow towards 1.5450 (typical third wave target) and daily close below that level would be a strong and very important sign for GBPUSD top.

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For more detailed analysis on GBPUSD please check our video from April 29th 2013.

VIDEO April 29 2013

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