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GBPUSD - BUY IDEA
The GBPUSD chart indicates a potential long setup based on Elliott Wave theory. It appears that wave (4) has completed, and the price is now preparing for an upward movement towards the projected 1.618 Fibonacci extension, around 1.32695, which would complete wave (5).
This setup suggests a bullish scenario, where traders might consider entering long positions around the current levels. The initial target is the 1.618 extension, with a stop-loss potentially placed below the recent low to manage downside risk.
The chart signals a potential upward leg, offering a good opportunity for a long trade based on the wave count analysis.
This setup suggests a bullish scenario, where traders might consider entering long positions around the current levels. The initial target is the 1.618 extension, with a stop-loss potentially placed below the recent low to manage downside risk.
The chart signals a potential upward leg, offering a good opportunity for a long trade based on the wave count analysis.
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