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Saturday, 7 December 2013

GBP/JPY H4 & Daily



General Overview for 07/12/2013
There are two counts here that are different in terms of top placement. The main black one that indicates an overthrow for wave 5  and second one with two additional waves alt:(1) and alt:(2), that are poised for even more impulsive wave development.
Nevertheless, as long as Key Level zone is not broken, the outlook is to complet the missinig impulsive waves.
Currently, wave 4 might be done and as long as high is not broken in impulsive way there is still a possibility of a Triangle here and then breakout to the upside.

Support/Resistance:
169.19 - 168.74 - Target Zone for wave 3 ( hit already, now resistance zone)
168.38 - Intraday Resistance
165.25 - 165.79 - Key Level

Trading Recommendations:
As long as Key Level is not broken bias is to the upside to finish the last waves of the sequence.

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