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GBPUSD recovered sharply last week after a nice turn up from 1.4050 level where we called end of an expanded flat correction. It was a perfect textbook pattern within ongoing recovery in wave IV. Well notice that pair is turning down now after it touched some important Fibonacci resistance levels for wave C-circled. In fact, pair is already beneath the swing low of a red wave 4) that is first indication of a top in place. However, we would still love to see 1.4288 broken for even stronger conviction regarding the bearish case.

GBPUSD, 4H

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