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Guest Commentary: The Next Good GBP/USD Buying Opportunity

Guest Commentary: The Next Good GBP/USD Buying Opportunity

2014-01-23 13:05:00
Eric Morera, Technical Strategist
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The drop in GBPUSD from 1.6603 to 1.6305 was corrective in nature and completed wave B, as per our preferred view. The rally since then is being viewed as a simple A-B-C pattern, which we believe is part of wave iv of (c).

After another high, which can take GBPUSD as high as 1.6664, the pair should make a corrective pullback (b) and continue the rally.

We don't like selling the pair pair in wave b and would rather use dips as buying opportunities.

It remains to be seen where exactly wave a will end, but wave b could take the pair back towards the 1.6437 - 1.6460 area.

By Eric Morera of Elliottwave-Forecast.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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