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Wednesday, February 19, 2014

GBP/USD - Wave iv is likely over for the next impulsive rally higher.

GBP/USD

It seems as wave c of the wave iv correction became small in only being 61.8% of wave a and all we need now to confirm a new rally towards 1.6797 and above towards 1.7016 is a break above minor resistance at 1.6741. As long as minor resistance at 1.6741 protects the upside there is a slight chance we will see a slightly deeper correction towards 1.6601 before higher again.

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