GBPUSD ELLIOTT WAVE OUTLOOK

As seen in the attached related idea, GBP should go substantially lower due to a large head and shoulders pattern. However, in the short term, it appears that GBPUSD will probably rise in a small fourth wave, then decline to a new low in a fifth wave, before a fairly large rally. This rally will then likely be followed by a very large decline as GBPUSD continues to breakdown through the head and shoulders neckline.

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