Elliott Wave Charting: Cable hit a top at 1.5381, just 20 pips below the 38.2% Fibonacci retracement level of the wave (3) distance. In this zone, a turning point on the Short side of the pair is expected in the near term, since an upward correction of wave (4) could be very near completion.

It is not yet clear enough if the wave C) leg of a second zig-zag is already finished. Traders need to wait for an impulsive decline on the small time frame chart before a bearish reversal can be confirmed. Details will follow.

TheLFB Charting: GBP/USD Four-Hour View

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