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On the updated 4h chart of GBPUSD, we can see that prices came lower last week with some aggressive decline on Friday to 1.2750-1.2800 area. The move can be impulsive, so we are considering the idea of a top in place, thus more weakness may extend to much lower levels this week, especially after a wave 2 bounce that can take the price temporarily back to Fibonacci ratios of 50.0 or 61.8. That said, any stronger rise back above 1.3012 may put bullish trend back in play.



On the updated chart of AUDUSD we can see that the price has broken beneath the previous swing down of wave B at 0.7389 level, which can indicate and confirm a top in place at 0.7517 level. That said we could now be trading in black wave 3, with still more room to go. Ideally we will see an extension towards the Fibonacci projections at 161.8 or 261.8 in the coming days.