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Monday, 6 June 2016

GBP/USD Daily Analysis









General overview for 06/06/2016:
The 200DMA had capped the bull rally again as the potential top for the wave 4 has been established at the level of 1.4772.  The first  wave to the downside (1) had been made already as well and the wave (2) did not break out above the wave (1) beginning, so the labeling is still correct. Currently, the market is bouncing up from the 100 and 50 DAM support, but the Elliott wave count suggests a sharp decline towards the level of 1.3900 should develop soon.  Nevertheless, the key zone is still the area between the levels of 1.4668 - 1.4772 and as long as the market trades beneath this zone the bears are in control over this market.

Support/Resistance:
1.3833 - Local Low
1.4076 - Wave X Low
1.4668 - 1.4776 - Key Supply Zone
1.5102 - Black Impulsive Count Invalidation Level

Trading recommendations:
As long as the market trades below the key supply zone only the sell orders should be open with SL just above the level of 1.4772*.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. 



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