Elliott Wave Analysis: GBP/USD Unfolding A Temporary Correction

GBP/USD made a clear, five-wave drop and in impulsive fashion from the 1.3216 level, which indicates where the trend is going. We see it going bearish, however current rally from the lows can be the first leg of a temporary pullback, that may look for resistance and a bearish reversal near the Fibonacci ratio of 50.0 or 61.8. A decisive drop from the 1.3009/1.307 area would suggest a completed correction and more weakness.

GBP/USD, 4H Chart

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