The daily chart view for GBPUSD could be suggesting that a 5 wave impulse drop might be complete at 1.2650/60 levels last week. The subsequent rally could be indicative of a meaningful bottom in place and that bulls are expected to remain in control till prices stay above 1.2660 levels, going further. Furthermore, please note that a push through 1.2950/60 levels, could add more confidence towards a counter trend probability. If the above wave count holds good, GBPUSD could rise through the coming weeks, attempting a push through 1.3300 levels at least (fibonacci 0.382 of drop between 1.4360/70 through 1.2660 levels respectively).
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