Markets are slow ahead of highly anticipated NFP report. The only expectation is GBP that is now falling quite strongly after worse than expected Manufacturing figures; 0.0 vs. 0.4% expectations. Pair has turned nicely down from 1.6470-1.6500 resistance area that we highlighted it as a reversal zone few times in our past updates. On the updated hourly chart below you can see an expanded flat probably completed after current 50 pip drop, since I made the wave count. I see prices going back to 1.6336, but critical or invalidation level remains at 1.6602. We just never know, second waves can always become more complex.
GBPUSD1h Elliott Wave Analysis
Written by www.ew-forecast.com
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