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Tuesday, January 28, 2014

GBP/USD - Expect downside pressure to mount as red wave iii lower takes over.


GBP/USD

I'm still looking for an impulsive decline as wave C of the expanded flat correction we have seen since the D wave high at 1.6604.
Short term we need a break below 1.6565 to indicate, that red wave iii lower towards at least 1.6307 is developing.
Only a break above resistance at 1.6668 invalidates the bearish count.

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