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EURUSD is now trading at some important and interesting support zones, where corrective wave iv can meet its end. We see a three-wave decline approaching 1.2233 level, of a former swing low, and also the Fibonacci ratio of 38.2, where both can react as supports and reversal zones. That said, a five wave rally would suggest a completed wave iv correction, and wave v to be in progress.
EURUSD, 4h
GBPUSD dropped sharply lately, which now looks like another leg within wave 4 pullback. An updated count shows an a-b-c retracement still, so decline can be temporary and may stop at 1.3830-1.3900 area of support. Notice that here we see former wave four, and 50%/61.8 Fib. level and also the upper trendline of a base channel, where all can offer support and a reversal point.
GBPUSD, 4h
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