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British Pound (GBPUSD)
GBPUSD turned slightly down yesterday after bad UK data but decline is still within the context of the larger bullish wave pattern. We are tracking a blue wave (iii) in progress that may reach 1.6200 figure, probably next week, but before that we expect a retracement back into the previous fourth wave region; 1.5880-1.5960.
Swiss Franc (USDCHF)
USDCHF is showing some nice impulsive downside price action after recent sharp fall to 0.9100 area which appears to be wave three of three of an impulsive structure. If that’s the case then we know that market will move even lower in sessions ahead after but after a fourth wave pull-back that is now in progress. Ideally pair will test 0.9150 area before downtrend resumes. Trend is clearly bearish and it will stay down as long as 0.9228 level is not breached because we know that wave four must not trade into a temerity of a wave one.
Written by www.ew-forecast.com
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