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The failure to hold support at 154.78 does make us more cautious as we could have seen the peak of wave iii with the test of 157.86 and a larger corrective wave iv now is unfolding. That said, we still could make the case that an ending diagonal is unfolding, which calls for a final rally closer to the 160.54 target to complete wave iii and set the stage for a larger correction in wave iv.
If. however wave iii already has completed we should see a larger corrective wave iv, that could move all the way down to 147.25 before stating wave v higher towards at least 163.39 as a larger impulsive wave I.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
In the upcoming week, the British pound is highly likely to follow a general sideways trajectory. A brief price decline is expected early in the week. Toward the weekend, volatility
At the beginning of the upcoming week, the European currency is expected to continue moving sideways along the calculated counter-trend zones. A downward movement is more likely at the start
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