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The pair that we will have on our radar screen for a bearish price action is EURGBP which seems to be in a corrective pattern since mid of July. An updated structure shows an A-B-C rise in progress with a possible triangle placed in wave B that can be near completion. Ideally, the pair will move up to 0.8470, from where bears may start to get stronger.


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Despite the very strong leg up to 1335 at the end of last week, bulls are not ready to take control just yet. We are looking at an updated wave pattern which shows that weakness is not done yet as the price is now approaching 1311 low, from where we expect a spike to around 1300 psychological level. Psychological levels can also be very important for reversal, so traders need to be aware of a new bounce this week.


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