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GBP/USD: Expect Further Gains Towards 1.6450 And 1.65650

Published 12/02/2013, 01:54 AM
Updated 05/14/2017, 06:45 AM

<span class=GBP/USD Daily Chart" title="GBP/USD Daily Chart" width="712" height="552" />

GBP/USD: 1.6366

Short-Term Trend: uptrend

Outlook: Here we are, right at 1.6386 Fibonacci level. Now, there is no indication that wave (c) is over and therefore, the immediate pressure remains on the upside. And, that's why we expect further gains toward 1.6450 and 1.65650 this week. The key level of resistance is the 1.6750 level. This 1.6750 level should not be overcome if the larger-degree Contracting Triangle scenario is correct.

On the downside, a move below 1.6140 will be the 1st signal that wave (c) has completed.

Strategy: Stand aside.

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