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Wave-C Set To Unfold in GBP/USD; Levels & Targets –

GBP/USD made a nice comeback from the abyss below 1.60, thanks to the weakness of the US dollar, especially after the FOMC.

What’s next for cable? Nomura look at the charts and see how Wave-C is set  unfold.

Here is their view, courtesy of eFXnews:

Sterling nailed the wave-(b) target by extending to 1.236 x wave-(a) which is an ideal move, notes Nomura.

“With waves-(a) and (b) of the 3-wave correction complete, our focus now shifts to the final leg higher (wave-(c)) towards 1.65/66,” Nomura projects.

S/t, the final move up is expected to unfold as a sharp 5-wave rally. Near-term resistance is 1.6288. So fart the initial wave-i rally is complete and this implies that pullbacks can be used to add long exposure for a the larger move higher,” Nomura adds.

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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.