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GBP/USD Could Recover Back Above 1.5000

Published 03/13/2013, 05:34 AM
Updated 07/09/2023, 06:31 AM

The GBP made a new low yesterday around 1.4830, before prices reversed higher during the US session. We can now count five waves down in wave 5) from 1.5190, which means the pair could make a corrective bounce, ideally a larger pull-back in wave (4) as we are tracking now a final stages in blue wave (3). Traders should keep an eye on a falling resistance line connected from 1.5850; if broken on a daily close basis, then bullish reversal will likely be confirmed to possibly lift the pair back to 1.5080-1.5190 range. Bullish divergence on the RSI also suggests that pair could be bottoming.
Sentiment table
GBPUSD Sentiment Table

GBPUSD Elliott Wave Analysis

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