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We're sellers from the upper trendline towards 1.34101.

We're sellers from the upper trendline towards 1.34101. | 14 October 2021

14 October 2021, GBP/USD

We're sellers from the upper trendline towards 1.34101.

Wave Analysis:

During the previous trading day, the British pound rallied to the upperside but failed to hit the upper trendline. We expect the previous day's upward move to be a continuation of the a correction of the last impulsive wave (c) but should not go beyond the upper trendline. If the price breaks and closes above the upper trendline, then this could be a good place to consider a possible long term buy position towards 1.40670 and may continue much higher. In case the price rebound from the upper trendline, then this could be a good place to consider a possible long term sell position towards 1.34101. A break below this level will push the price much lower towards 1.27370 and may continue much lower.
Trade Recommenddations:
We're sellers from the upper trendline towards 1.34101.
Bob Stan
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