Another Quick Update on GBP/USD

It looks like the Pound is going to try to smoke out every short it can before continuing to the downside. The strong upward movement today appears most likely to be the terminal thrust from a wave 4 triangle. Based on the size of the triangle, the upside target is 1.5767. Any movement below 1.5580 invalidates the count, and likely marks just the very early stages of a precipitious decline.

Sid

http://elliottwavepre.wpengine.com

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