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UPDATE II GBPUSD: Pull-back In Progress

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Jan 30 2013

Pound is already recovering about we warned you yesterday when we highlighted a five wave fall in wave 3). Notice that current prices are already testing upper trend-line of an impulse channel. Break of this line usually confirms end of a wave 3). In our case it means that market is in a temporary recovery mode, ideally in wave 4 which will retrace back above 1.5800 possibly even to 1.5900 level in sessions ahead.

Larger trend however is still down, but we need to see a completed three wave rise in 4) before we may look for weaker GBP again.

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