The previous rally was in five waves [i,ii,iii,iv,v (circle)], the correction should be in three waves [a,b,c (circle)]. Wave a (circle) ended at 1.2904, the rally to 1.3284 is wave b (circle). The decline has resumed this move is wave c (circle) and it should end below the bottom of wave a (circle). The target is 1.2780. But this is not confirmed by the dollar forecast, I expect the dollar to decline, this would be bullish for GBP/USD. GBP/USD can still decline as the dollar is not the only thing affecting the pound but the fact that there is a non-confirmation is not ideal to go short GBP/USD.
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