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FX.co ★ Elliott wave analysis of GBP/USD for January 12, 2022

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Forex Analysis:::2022-01-12T07:24:41

Elliott wave analysis of GBP/USD for January 12, 2022

Elliott wave analysis of GBP/USD for January 12, 2022

Cable (GBP/USD) is ready to challenge the neckline resistance of a S/H/S bottom. This neckline is currently located near 1.4217 and a break above here will call for a continuation higher towards 1.4550 and ultimately closer to the S/H/S target at 1.6553.

Short-term we could see a temporary set-back towards 1.3462, but it should only prove temporary as a test of the neckline resistance seem set in stone.

Analyst InstaForex
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