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GBP/USD: wave analysis on 02.02.2015

The bearish trend with the fifth wave (v) of V is nearing completion. Locally, a third wave is forming. It might be zigzag-shaped as a diagonal will be formed in the fifth wave. If this assumption is correct and the price does not break the critical level 1.5221, the pair will continue to decline to the levels 1.4900-1.4800 at which a reversal and a start of deep correction may be expected. 

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