Best reading of Elliott wave cycle suggests decline to 2.078 ended wave (X). From this level, pair is rallying higher in wave W in double three structure where wave (w) ended at 2.13, wave (x) ended at 2.102, and wave (y) of W is proposed complete at 2.1487. Near term, as 2.1487 level holds, pair is expected to pullback in wave (w) towards 2.1056 - 2.1139 area, then it should bounce in wave (x) before turning lower one more leg towards 2.10 area to complete wave X pullback. While 2.0788 pivot stays intact during wave X pullback, expect the pair to find buyers and resume rally higher or at least bounce in 3 waves per Elliott Wave hedging idea. We don't like selling the proposed pullback.

GBPAUD

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