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Wait | 14 July 2020

14 July 2020, GBP/USD

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Wave Analysis

Few days ago, the British pound established a swing high around 1.26700. As long as the price does not clear breakout and close above this swing high, we choose to remain on the sidelines, we are expecting the current rally to the lower side to be the continuation of the corrective wave (c) but should not go beyond 50.0% fib level, but should the price breakout and close below this level, then further momentum to the lowerside is expected, as it is now, you may see a bounce from 38.2% which may be a good buy place.

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Bob Stan
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