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    GBP/JPY falling inside primary impulse wave ③

    GBP/JPY continues to fall sharply inside the minor impulse wave 1, which belongs to the primary impulse wave ③ from the end of May. The active impulse wave ③ started when the price reversed down from the resistance level 162.00 (which reversed earlier waves 4, (A) and a, as can be seen from the daily GBP/JPY chart below). The price earlier reversed down sharply from the resistance zone lying at the intersection of resistance level 158.00 and 50% Fibonacci correction of the previous downward impulse from May.

    GBP/JPY is likely to fall to the next sell target at the strong support level 152.00 (which stopped the previous primary impulse wave ① in April).

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