Looking at the average Elliott wave cycle we are in a downward trend for GU overall. The pullback was a bit extreme but actually only to the 618. GBP strength in this situation makes almost no sense. Brexit & Covid 2.0 with Boris n friends running the show. All that's happening right now is the institutional investors are gathering liquidity.
COT Data shows an 84% bias in trading the pound over USD and that is split with a 59% net short position.
OVerall waiting for confirmation on smaller Time frames.
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