GBPUSD Potential Support Below 1.2900

Gregor Horvat

GBPUSD recently completed a triangle pattern at 1.3343 area and is now moving lower in impulsive manner. This move down can be counted as the blue wave 5 with potential support seen below 1.2900 region.

Break above 1.334 would mean that bulls can be taking over.

GBPUSD Hourly Chart

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S&P500 is currently trading lower, possibly in blue wave a-circled, the first leg of a minimum three wave recovery, after price completed a nice five wave impulsive move around 2106 zone. Support for this corrective structure could come at 2.056 area, where previous wave 4 could act as a turning point higher.

S&P 500 Hourly Chart

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Source: www.ew-forecast.com

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