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Elliott Wave View: Further Weakness in GBPUSD Expected

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Short Term Elliott wave view in GBPUSD suggests the decline from June 7 high is unfolding as an impulse Elliott Wave structure. Down from 1.276, wave (i) ended at 1.265 with internal as an impulse in lesser degree. Wave (ii) bounce ended at 1.276 as a zigzag Elliott Wave structure. Pair has now reached 200% extension within wave (iii) showing a typical extension within wave 3 of an impulse. Wave i of (iii) ended at 1.266, wave ii of (iii) ended at 1.2708, wave iii of (iii) ended at 1.257, and wave iv of (iii) ended at 1.2606.

Short term, wave v of (iii) can be complete already at 1.251 low, but so far it still does not have enough separation from the low. If pair breaks below 1.251, it doesnt change the idea that wave (iii) should complete soon. As the third wave shows an extension, this suggests that pair should see further downside at least 1 more leg after a wave (iv) rally. Thus we dont like buying the pair and expect pair to find sellers in wave (iv) bounce in 3, 7, or 11 swing as far as pivot at 1.276 stays intact.

GBPUSD 1 Hour Elliott Wave Chart

GBPUSD 18 June

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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