GBP made new low yesterday around 1.4830 before
prices reversed higher during the US session. Well, now we can count five waves
down in wave 5) from 1.5190 which means that pair could make a corrective
bounce, ideally a larger pull-back in wave (4) as we are tracking now a final
stages in blue wave (3). Traders should keep an eye on a falling resistance
line connected from 1.5850; if broken on a daily close basis then bullish
reversal will likely be confirmed that could lift the pair back to
1.5080-1.5190 range. Bullish divergence on the RSI also suggests that pair
could be bottoming.
Sentiment table
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