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GBP/JPY Completing a Wedge Pattern in a 3rd Bear Run
No the Sterling is not going for more alcohol. It is however in a 3rd swing down as seen in the daily chart. The previous 2 downswings have been similar in length and a similar projection targets 128.00. - Below that, we see support near the 78.6% retracement as well near the 126 lows. - The market should see some support here. If the market remains in sideways action, look for a regression back towards the 132.00 area, where the 200SMA reside. But will it be 128, or 126? - The 4H chart shows a wedge pattern coming to a resolution of 5-waves ABCDE. near 128, or 127.87(150% extended retracement of the rally from ... (full story)