GBP/USD Undergoing A Correction; Three Wave Move In Play
Gregor Horvat | Nov 08, 2016 04:52AM ET
Cable fell to 1.2080 two weeks back where pair found a support and from there turned up in impulsive fashion. It looks like a nice reversal spike that sent bullish price move in play, which is not a surprise as decline down from 1.2480 had a corrective look.
We are looking up now either in wave C or wave 3, but in both cases there will be room for 1.2600 after wave 4) pullback which can be looking for a base at 1.2350-1.12400 support area.
GBP/USD, 4H
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