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Wednesday, February 5, 2014

GBP/USD - Expect more downside towards at least 1.6196 soon.

GBP/USD

The correction I was looking for in red wave (iv) could have ended a little before expected and red wave v be developing lower towards at least 1.6196 and possibly even lower towards 1.6109 to end red wave (v) and red wave iii. However a case could be made that we only have seen wave a of red wave (iv) and wave b is unfolding in a flat correction before the final wave c to just beyond the top of wave a before red wave (iv) is over.

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