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Cable is in uptrend for a few weeks now, and a recent decline does not signal for any change in trend. In fact, a personality of a current fall from 1.6275 is clearly corrective; slow and choppy waves, which means that larger uptrend is incomplete.

As such, on the 4h chart a recent decline is likely a corrective wave (4), which may have already reached a low, just above the upper base channel support zone, but more likely, another test of 1.5900/50 region will still occur.

GBP USD 4 hour Elliott Wave February 15Guest post by Gregor Horvat

After-all, pair should extend its gains into a wave (5), while 1.5750 critical support holds.

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