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GBPUSD Wave Analysis – 18 June, 2020

GBPUSD Wave Analysis – 18 June, 2020

  • GBPUSD under bearish pressure
  • Likely to fall to 1.2330

GBPUSD under bearish pressure after the recent breakout of the support level 1.2470 (which reversed the price earlier this month). .

The breakout of the support level 1.2470 continues the active medium-term impulse sequence (3) from the start of June. Given the predominantly bearish pound sentiment – GBPUSD is likely to fall further toward the next support level 1.2330 (former minor resistance from the end of May).

EURJPY recently broke the support zone lying between the support level 120.50 (low of the preceding impulse wave A) and the 50% Fibonacci retracement of the recent sharp upward impulse c from May.


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