British Pound Testing Weekly High
240 Minute Bars
Prepared by Jamie Saettele
The GBPUSD is back near its weekly high after plunging nearly 200 pips yesterday. The dominant pattern remains the 5 wave rally from 15344. The decline from 16278 is not impulsive but neither is the rally from 15962. As such, probabilities favor at least one more leg down (below 15962). A poke above 16278 cannot be ruled out as per a flat correction.
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