Analyzing GBP/USD on the 45-minute chart using Elliott Wave Theory, I observed that wave (5) marked the end of the recent upward move. Following this, wave (a) initiated a downward correction, and the recent upward correction formed wave (b). Now, I am expecting wave (c) to continue the downtrend. The potential target for wave (c) is 1.26513, which corresponds to the 1.618 extension of wave (a).
This setup suggests a short position on GBP/USD, targeting this level as a potential take-profit point.
This setup suggests a short position on GBP/USD, targeting this level as a potential take-profit point.
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