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GBP/USD Dives To New 2020 Low, More Losses Likely

GBP/USD Dives To New 2020 Low, More Losses Likely

Technical analysis of Forex market

Elliott Wave view in GBPJPY suggests that the decline from December 13, 2019 high is unfolding as a 5 waves impulse Elliott Wave structure. Down from December 13, 2019 high, wave 1 ended at 141.14, and wave 2 bounce ended at 144.96. Pair extended lower in wave 3 at 132.51 & wave 4 bounce ended at 137.2.

Wave 5 remains in progress as an ending diagonal. An ending diagonal is a special type of 5 waves with 3-3-3-3-3 subdivision. It has a wedge shape and the internal wave ((iv)) can overlap with wave ((i)). Down from wave 4 at 137.2, wave ((i)) ended at 131.26 and wave ((ii)) bounce ended at 134.31. Pair then resumed lower in wave ((iii)) towards 128.8 and wave ((iv)) bounce ended at 131.2. Expect pair to extend lower to end wave ((v)). The move lower should also end wave 5 as well as wave (A) in larger degree. Pair should then bounce in wave (B) to correct cycle from December 13, 2019 high in 3, 7, or 11 swing before the decline resumes again. We don’t like buying the pair. As far as pivot at 137.2 remains intact, expect pair to see further downside before ending wave (A) as 5 waves impulse.

GBP/JPY 1 Hour Elliott Wave Chart

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