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GBPUSD analysis

04.02.2021

Market Review

The overall trend is upward. The descending pattern is still truncated and the wave C has not reached the level of 123.6% of wave A. A bullish divergence has formed on Awesome Oscillator, and the moving indicators of Stochastic Oscillator enter the oversold zone.

Trading idea:

Buy strictly when an ascending wave pattern is formed, where the wave (A) breaks through the inclined channel of the descending pattern.

Stop Loss under the local minimum.

Target levels: 1.3683; 1.3756.

Author: GC
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