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Monday, 14 March 2016

GBP/USD Analysis

General overview for 14/03/2016:

The corrective cycle for wave 4 is still in progress and so far only the a wave of the overall cycle had been made. The next wave is the wave b that should re-test 50%Fibo at the level of 1.4151 before the next impulsive leg will develop. The projected target for wave 4 is at the level of 1.4666, but this corrective cycle might evolve into more complex and time consuming pattern.

1.4666 - Projected Target for Wave 4
1.4643 - WR2
1.4537 - WR1
1.4325 - Weekly Pivot
1.4216 - WS1
1.4151 - 50%Fibo

Trading recommendations:
Daytraders should buy the dips in this market while the wave b is in progress with SL below the level of 1.4150 and TP at the level of 1.4666.


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