GBPUSD is in recovery mode since March of this year when pair accomplished an extended five wave drop down in wave III. We know that after a very powerful leg, market will make a corrective retracement which will either be simple or complex. In our case we think it’s something more complex now in wave IV if we consider recent push back to around 1.4700 that is part of ongoing wave Y in wave IV that may find a top in June somewhere near 1.4800, slightly above 50% Fibonacci retracement level.
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