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GBP/USD: Wave-IV Consolidation Before Another Push Higher – Nomura

The pound managed to defy dovish meeting minutes and  gain some ground against the dollar.

The team at Nomura examines the charts and sees  the next moves:

Here is their view, courtesy of eFXnews:

GNP/USD has resolved a bullish rounded bottom pattern, notes Nomura.

“Although projection targets have already been met, we expect a continuation higher both in the near and medium term because of the impulsive nature of this rally.

From a wave perspective, waves-1 through 3 of an initial 5-wave move are in place and now a 4th wave consolidation is expected to form; a choppy triangle would be ideal. Once the range is complete another rally towards 1.5450 can mark wave-5 in the first leg of this new uptrend,” Nomura projects.

GBPUSD technical analysis October 12 2015 pound dollar

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.