GBPUSD is trading in attempt to trace out 5 waves down from recent highs at 1.46631. We are looking for one more push down to complete black wave 1 and then anticipate a three wave correction in black wave 2 for possible short opportunitys. Later wave 2 could reach formal wave iv swing around 1.45440 which can react as a resistance and a turning point lower into wave 3.
Invalidation level is at 1.45726, as long as it holds we are looking to the downside.
Invalidation level is at 1.45726, as long as it holds we are looking to the downside.
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