British Pound Decline Accelerates; Focus is on Prior Low
The GBPUSD is weakening in what is probably a small 5th wave. I wrote yesterday that “a closer look at the short term GBPUSD pattern suggests one more low (below 14473) is likely. Resistance is 15123 but a top may be in place at 15060. A bearish bias is warranted against 15200 (low of wave 1) in anticipation of a drop to a new low.” Risk can be moved to 14920.
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