Long awaited consolidation for the GBPUSD seems to be slowly ending marking the beginning of wave 5. I will be waiting to see retest of March highs. I don’t know the effect of Brexit and December elections which might accelerate or slow down the trend, with the latter more obvious.
We have seen corrective wave C overlap (1) by roughly 12.4pips. What happened in case is that (1) overlapped (4) by roughly the same number of pips and so the corrective wave (C) had to just fall just a few pips after 61.8% which is max retracement of wave 2.
#HappyTrading :-)