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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 129088, member: 37217"] GBP/USD Wave-4 Pullback to 61.8% Fib Ahead of UK Elections GBP/USD 4 hour [IMG]https://s16.postimg.org/90sya2e1h/31-05-2017gu4.png[/IMG] The British Pound weakened last week ahead of the UK elections which will take place on Thursday 8 June 2017. Some opinion polls are showing a shrinking lead for the current Prime Minister Theresa May of the Conservative party and a rebound for the Labour opposition party but a full week of campaigning still remains in front of the UK. The GBP/USD channel (green lines) is a bear flag chart pattern and a potential bearish break could see price continue with wave 3 (blue). A bullish break above the channel, however, could change the wave structure. 1 hour [IMG]https://s7.postimg.org/qbc03b0tn/31-05-2017gu1.png[/IMG] The GBP/USD completed an ABC (grey) correction at the 50-61.8% Fibonacci zone of wave 4 (orange). EUR/USD 4 hour [IMG]https://s22.postimg.org/3xdiy2nu9/31-05-2017eu4.png[/IMG] The EUR/USD made a deep retracement back to the resistance trend line (red), which is a key bounce or break spot. A bearish bounce could confirm the current wave structure whereas a bullish break invalidates it. 1 hour [IMG]https://s7.postimg.org/8rgsyc9t7/31-05-2017eu1.png[/IMG] The EUR/USD stopped at the 78.6% Fibonacci resistance level and has reached a major bounce or break spot. USD/JPY 4 hour [IMG]https://s2.postimg.org/fvo7gbbg9/31-05-2017uj4.png[/IMG] The USD/JPY could have completed a truncated 5th wave (orange), which means that wave 5 does not break the bottom (or top) of wave 3 (orange). 1 hour [IMG]https://s30.postimg.org/wuymgsppd/31-05-2017uj1.png[/IMG] The USD/JPY seems to have completed 5 internal waves twice (grey/purple) within wave 5 (orange). A bullish break above resistance (orange) could confirm the current wave structure whereas a break below support (green) invalidates it. Follow [URL='https://twitter.com/ChrisSvorcik']@ChrisSvorcik[/URL] on twitter for latest market updates. Connect with [URL='https://www.facebook.com/profile.php?id=100009628491889']Chris Svorcik[/URL] on Facebook for latest market updates. [/QUOTE]
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