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GBP/USD: Trying To Form Bearish Reversal

Sameer Kapoor 3 May 2013

On cable we can count five completed waves-up in wave C that show signs of a top around 1.5606 because of the ending diagonal in wave 5, divergence on the RSI and now also accelerating price action below the trading channel, which suggests the pair is in the early stage of a minor wave (iii). Further weakness toward 1.5450 would be a strong and very important sign for further GBP/USD top.