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Wednesday, 3 August 2016

GBP/USD H4 Analysis Update









General overview for 03/08/2016:
There are two scenarios that can help to determine when the wave (c) of wave 2 will terminate and the market reverses:
- Ending Diagonal Scenario - green arrows - the market will perform another wave up towards the level of 1.3609 and then reverses impulsively down
- Full Zig-Zag Scenario - green arrows - the market will burst through the yellow zone in impulsive fashion and try to hit the 50%Fibo at the level of 1.3907 before reversal will happen

Support/Resistance:
1.2793 - Technical Support
1.2975 - WS2
1.3125 - WS1
1.3208 - Weekly Pivot
1.3359 - WR1
1.3452 - WR2
1.3489 - 1.3609 - Yello Gap Zone
1.3645 - 38%Fibo
1.3907 - 50%Fibo

Trading recommendations:
There is still uncompleted wave progression to the downside and in the mid-term the market should return to the down trend as soon as the correction cycle is completed*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. 



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