If my wave count is correct GBP/USD has completed five waves down. Wave iii (circle) in GBP/USD ended at 1.3140 on 18 October. I believe the move that followed in three legs in which the second leg made a new low below 1.3140 and the third leg ended below the previous high is a running flat inside wave iv (circle). This means wave iv (circle) is complete and today’s decline is wave v (circle). This five-wave sequence is wave 1 of a larger decline. The next move is wave 2 to the 1.3250 area.
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