GBP/USD Continues to Respect 4 Year Trendline Support

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eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Continues to Respect 4 Year Trendline Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The GBPUSD continues to hold up at the 4 year trendline. It’s possible that the decline from the January high composes 5 waves with wave 5 serving as a truncation (a truncation means that the price extreme of 5 doesn’t extend beyond the price extreme of 3). If the interpretation is correct, then price will return to 15878.

FOREX Trading Strategy: Flat

LEVELS: 15577 15636 15693 15836 15878 15955

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