Wait for the price to make a failure break in GBPUSD
W1: In a downtrend D1: During the recovering rhythm, it returned to FIB76.4% and reacted H4: Touches the old peak area again H1: There are 5 waves, but not yet breaking the rising structure of the recovery span => Price is in a rising wave, it may sideway the top of the H4 frame (1,240 - 1,265) before signaling to act. Expected price failure when retesting the area of 1.265 to SELL first.
P/s: This is my personal opinion, not trading recommendation. I do not assume any responsibility for your trading decision.
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