The GBPUSD maintains a valid upward trend on the Daily chart, which demands our attention and respect. Despite the current significant decline, it is technically considered a pullback as no critical structure has been breached. However, it is worth noting that the 5-minute intraday chart has dipped below a sell point, indicating a potential reversal. The wavestructure is currently at ML 5, representing the last swing before a bullish reversal can be anticipated. Considering these factors, it may be opportune to consider a Long Trade from the LOD (Low of the Day), aligning with the market structure's low. Feel free to make informed decisions based on this analysis. Enjoy!
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