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Wait for a clear buy signal around 1.4030 t

Wait for a clear buy signal around 1.4030 t | 30 March 2018

30 March 2018, GBP/USD

Wait for a clear buy signal around 1.4030 t

Wave Analysis:

At the beginning of this week, the impulsive wave (5) extended slightly above last week's highest high, 1.4200, but has currently pulled back to the lower side. We expect the downward rally on the weekly chart to be a mere correction of the impulsive wave (5) and should not go beyond the weekly short term support level 1.4030 where we'll be looking to rebuy the impulsive wave (5) with our target being 1.4520. This view can only be rendered futile in case the weekly candle close below 1.4030, this being the case, we expect a decline towards 1.3609.

Trade Recommendations:

Wait for a clear buy signal around 1.4030 towards 1.4520

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Bob Stan
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