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GBP/USD: A Corrective 4th Wave Before Next Leg Lower - Goldman Sachs
GBP was front and center lastt week as the currency has broken a primary trendline formed across the lows since ’93 (1.2788) Going back even further, GBPUSD started a multi-year corrective process at the peak in ’07, within which it is currently in the later stages of a final C wave. Because of the impulsive nature of wave A (from ‘07 through ‘08), it’s actually not too surprising to see an equally impulsive sell-off in wave C (since Jun. ’14). In the nearer term, it may have just recently completed a 3 rd of 5-waves from Jun. ’14 (i.e. within the larger degree C leg). It has come close enough to ... (full story)
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- Greenstar
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