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GBPUSD, Elliot Wave Analysis

2/14/2023 10:25 AM

The price is in a correction and a fall is possible.

On the daily chart, the upward first wave of the higher level (1) formed, within which the wave 5 of (1) ended. Now, a downward correction is developing as the second wave (2), within which the wave of the lower level A of (2) is developing. If the assumption is correct, the GBP/USD pair will fall to the area of 1.1400–1.1155. In this scenario, critical stop loss level is 1.2437.

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