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The most recent structure on cable looks very corrective, and shows a clear evidence of a triangle consolidation, which appears in wave iv) of an impulsive structure.

As such, new highs are expected in coming sessions, which will be wave v), targeting 1.6380/400 region, while 1.6250 support holds.

Break through the upper blue resistance line and 1.6340 should provide strength that we are looking for.

GBP USD Elliott Wave Analysis April 7

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