GBPUSD is undergoing a sharp and swift reversal to the upside, which is an indication that the previous five wave move to the downside is completed. As such we are tracking a three-wave rally as in waves A)-B) and C), which can see limited upside around the Fibonacci ratio of 61.8.
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Your wave 1 is not counted from the last high at 1.3049 so I'm unsure how are you counting it? Can you explain how this is possible unless you're counting it is a 5th or C wave failure which is extremely rare?
Lionheart-EWA
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@donaldsaw, got to say the wave count looks a bit dodgy with many unknowns ...
I personally see it like this:
donaldsaw
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@Libeloo24, Well done mate - this count is very similar to how I have my count. I use motivewave so don't have it mapped out on here. Key thing to note from my count is that the final wave 5 high is possibly an ending diagonal...