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GBPUSD did not go far recently, but remains bullish as the recent decline was made in three waves. Ideally the market will rally today out of a downward channel and towards 1.5700.

GBPUSD 1h Elliott Wave Analysis

GBPUSD Elliott Wave Analysis August 14 2015 technical chart for currency trading

 

We are also tracking a bullish pattern for GBP on GBPJPY which is stuck in a triangle. Ideally the price is still in wave E that will reach the 193.00 area before going up for new high. I would be interested in longs once triangle is complete, ideally early next week.

GBPJPY 4h Elliott Wave Analysis

GBPJPY Elliott Wave Analysis August 14 2015 technical chart for currency trading

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