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Ramki
Although GBP failed at the first resistance of 1.5020 area yesterday and came off to 1.4873, there still exists a good chance to revist that area soon.
After the fifth wave extended as anticipated, we should now be ready for a snap back towards 1.5020/1.5070 in GBP/USD
Short term traders of GBP/USD beware of a sharp recovery to 1.5070 once the 5th wave extension is over.
In this update, I am going to look at the medium term outlook for Sterling Pound, or GBP/USD. Those who have subscribed to this blog would have seen the last medium term update on cable, (another name for GBP/USD) posted here on 4th August 2009. (here is the link to that post). But the more [...]
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