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GBPUSD traded higher last week and filled the gap near 1.4400 as expected. We know that these gaps will usually be a trend changer once they are filled, so it's not a surprise to see almost 200 pips reversal from recent high. From an Elliott Wave perspective, we see current leg down unfolding quite sharply so it's likely an impulsive wave, probably subwave C) of complex wave B that can be a flat correction. In flats wave C) will try to find base near wave A) levels so keep an eye on 1.4117 as a potential support.

GBPUSD, 4H

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