GBPUSD prints potential Wave B, around 60 pips higher than fibonacci 0.618 retracement of Wave A. The recent rally can have no more attributes than this. Structurally, GBPUSD has dropped from 1.2800 through 1.2250 in 5 waves, labelled as Wave A. It confirms 2 important facts: The drop is only a part of the correction Wave A here. Another drop below 1.2250 is required to complete the zigzag . If the above potential wave interpretation holds well, GBPUSD should stay below 1.2800 mark and continue lower towards 1.1900 to complete the proposed A-B-C corrective drop .
Strategy:
Short against 1.2800, targeting towards 1.1900
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