GBP/USD Daily

General overview for 07/04/2014:

The current wave progression is not very clear and the best labeling is on the chart in shape of Expanding Leading Diagonal. It is possible that price will go lower if the level of 1.6605. The count of ELD is invalidated IF the market goes above 1.6717. Otherwise bearish bias is in play and short positions should be opened.
On the Daily chart the Non Linear Regression models shows a possible top in place and the slope is pointing downwards - it is correction time or a trend revelsal time.

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