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GBPUSD, Elliot Wave Analysis

12/12/2022 10:25 AM

Growth is possible.

On the daily chart, the downward fifth wave of the higher level 5 of (V) ended, within which the wave (5) of 5 formed, and the development of the upward first wave (1) started. Now, the third wave of the lower level 3 of (1) is forming, within which the wave iii of 3 has ended, and a local correction is forming as the wave iv of 3. If the assumption is correct, the GBP/USD pair will grow to the area of 1.2590–1.2900. In this scenario, critical stop loss level is 1.1899.

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