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Elliott Wave Analysis: GBPUSD Making A Sharp Drop

Elliott Wave Financial Service
By Elliott Wave Financial Service

Cable is coming sharply off its highs after BOE left interest rates unchanged. Two members voted for a hike and 6, including the Governor, voted to leave them unchanged. Technically, this drop has been expected to occur from a new high, and it seems that top is now in place if we consider very strong 150 pip fall. Ideally that is begging of some bigger sell-off, but I would still like to see a broken trendline support and then maybe pay a close attention to wave 2) pullback, sometime after NFP.

GBPUSD, 1H

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