GBPUSD : Bears In Play

Pound fell sharply last week across the board, especially against the USD. We can see a new leg down that has an impulsive qualities so pair is expected to remain bearish as leg down from 1.5500 should unfold by five waves. Currently we see price still in wave 3 that can touch 1.5000 psychological level. After that we may see some recovery, but only for short-term into wave 4 that could be looking for a resistance at 1.5105 (former low) later this week.

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