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  • USD/JPY IG Client Sentiment: Our data shows traders are now net-short USD/JPY for the first time since Jun 04, 2021 when USD/JPY traded near 109.52. A contrarian view of crowd sentiment points to USD/JPY strength. https://www.dailyfx.com/sentiment https://t.co/KPOyPWpuDn
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  • GBP/USD Eyes Trend Support as US Dollar Awaits Fed Dot Plot -via @DailyFX Link to Analysis: https://www.dailyfx.com/forex/market_alert/2021/06/14/gbp-usd-eyes-trend-support-as-us-dollar-awaits-fed-dot-plot.html $GBPUSD #Forex #Trading https://t.co/1BkZ4x0uCG
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GBP/USD Setup for a Dip then a Rip

GBP/USD Setup for a Dip then a Rip

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Setup for a Dip then a Rip

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-GBPUSD broke the trendline that originates at the July low on 10/29. The line connects the 7/9 and 8/2 lows and crosses through several days in mid-October. This development is an early sign that the entire advance is complete.

-Near term, the rally from 1.5853 is impulsive. The implications are for a dip into 1.6000 before towards 1.6160-1.6200.

Trading Strategy: 1.6160-1.6200 is big resistance. I’ll be watching the market closely if that level is reached for a short setup.

LEVELS: 1.5903 1.5945 1.6000 | 1.6075 1.6117 1.6160

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