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GBPUSD, Elliot Wave Analysis

10/17/2022 11:26 AM

A fall is possible.

On the daily chart, the downward fifth wave of the higher level V of (V) develops, within which the wave (5) of V forms. Now, the third wave of the lower level 3 of (5) has formed, a local correction has ended as the fourth wave 4 of (5), and the development of the wave 5 of (5) has started, within which the wave iii of 5 is forming. If the assumption is correct, the GBP/USD pair will fall to the area of 1.0200–1.0000. In this scenario, critical stop loss level is 1.1501.

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