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Weekly Outlook For GBP/USD: Continued Downside Expected

Published 03/10/2015, 03:08 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
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GBP/USD
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GBP/USD INTRADAY CHART

GBP/USD Hourly Chart

10th March:

The decline we have seen does not really suggest an impulsive decline - but it's not totally impossible. I suspect we shall see continued losses to complete a triple three but which should hold above the 38.2% expansion in Wave EFB at 1.4722. (Allow for the 41.4% at 1.4702.) When price is approaching this area - hopefully when EUR/USD reaches its 1.0294 target - we should be confirming 4-hour & hourly bullish divergences that would support a recycling back to 1.5551-00.

Below 1.4700 would extend losses more aggressively.

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