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Expect a possible bearish momentum towards 1.27819.

Expect a possible bearish momentum towards 1.27819. | 04 May 2017

04 May 2017, GBP/USD

Wave Analysis:

Instead of going long as previously forecasted, the cable plunged lower and even broke below the short term support level 1.28826. Earlier today, this pair retraced back to the just broken line and is currently showing signs of possible bearish momentum. As long as the price remains below 1.28826, we expect the impulsive wave (3) to extend lower but should not go beyond 1.27819 from where we'll be looking for possible correction. A clear break below 1.27732 will push the price further to the lower side but should not go beyond 1.25. Expect a similar wave count in GBPAUD, GBPCAD, EURUSD and GBPHKD. These pairs will have a similar wave count during this intraday.

Trade Recommendations:

Expect a possible bearish momentum towards 1.27819.

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Bob Stan
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