FBS - Analytics


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    GBP/USD falling inside impulse wave 3

    GBP/USD continues to fall inside the minor impulse wave 3, which belongs to the intermediate impulse wave (3) from the end of May. Both of the active impulse waves stared earlier – when the pair reversed down from the resistance zone lying between the resistance levels 1.4750 and 1.4660, as can be seen from the daily GBP/USD chart below.  The price earlier broke through the support level 1.4350 (which stopped the previous intermediate impulse wave (1)).

    GBP/USD is likely to fall further to the next sell target at the support level 1.4000 (which reversed the earlier intermediate (B)–wave in April).


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