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GBP/USD: wave analysis on 18.01.2016

A downward trend is strong.

The downward trend continues forming within the third wave of the senior level iii of 3. At present, the third wave (iii) of the junior level seems to be forming and if the assumption is correct, the pair keeps falling towards the level of 1.4000. Critical for this scenario is the level of 1.4473, a breakout of which would allow the pair to grow to 1.4935.

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