GBPUSD can be trading at the start of a three-wave recovery, which we see it as bigger degree wave two. Ideally a five-wave decline had fully unfolded within the previous blue wave one, and now a three-wave temporary rise may follow on the pair. Possible resistance for the upcoming wave ii can be around the Fibonacci ratio of 61.8 and near the former swing high of wave iv) at 1.3228 level.
GBPUSD, 1H
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