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GBPUSD Is Trading At New High Ahead Of FOMC

Elliott Wave Analysis – GBPUSD 1h Chart

Cable went much higher today in the last couple of sessions than we firstly thought. Leg from 1.5186 is becoming very extended , so we are not sure if it belongs to a corrective rally or will the pair broke above May 14th high. But at this stage what seems to be the most important is a five wave rally that is about to complete. We know that after every five waves correction follows, so bearish turn could be near, possibly from around 1.5800 even if just for a short-term 3-wave setback. move back beneath 1.4552 and close below that level today would suggest that a pullback is underway.

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