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GBPUSD, Elliot Wave Analysis

1/17/2023 10:05 AM

Growth is possible.

On the daily chart, the downward fifth wave of the higher level 5 of (V) formed, within which the wave (5) of 5 developed, and the development of the upward first wave (1) started. Now, the third wave of the lower level 3 of (1) is developing, within which the wave iii of 3 has ended, a local correction has developed as the wave iv of 3, and the wave v of 3 is forming. If the assumption is correct, the GBP/USD pair will grow to the area of 1.2900–1.3500. In this scenario, critical stop loss level is 1.1833.

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