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GBP/USD – down trend in 1 hour chart

Monday, October 31, 2016 13:09
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(Before It's News)

11-1-2016 12-48-54 AMTrend is bearish in GBP/USD currency pair in 1 hour time frame. Short term resistance is present at 1.2271 price level. Based on Elliott wave anlaysis, we got a bullish a, b and c corrective zig zag pattern which looks complete.

A good idea is to take a sell trade and join the down trend to ride and trade bearish Wave (3) leg. However; if bullish candlestick closes above 1.2271 critical resistance level then down trend is going to fail. In such case, I would prefer to stay out of the market and re-analyze the price action in GBP/USD currency pair, 1 hour chart.

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  • GBP/USD has been pulling the plug very strongly in recent times with been strongly bearish but this week we have so far seen completely opposite scenario and that’s with bulls taking the lead and making it ever easy. This is even better with help of broker like OctaFX which is all very special having swap free account that not only helps me with long term trading but saves me from paying unnecessary overnight charges and that is obviously something great!

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