GBPUSD appears to be either in wave 3 of the 3d wave (this scenario is illustrated in the chart), or in an extended 5th wave.
In the first scenario - "wave 3 of the 3d" - the resistance area and trendline outlined in the linked Related Idea should eventually be broken, and meaningful breakouts in the direction of the trend, including short-term ones, should sustain as this wave develops. This is because wave 3 of 3 typically maintains a strong momentum in the direction of the trend. Also in this first scenario, the longer term pitchfork's median, and the area between 1.2580 (September's top) and 1.2600 should hold. If this area fails, then the second scenario - extended 5th wave - should come into play. This should entail a much deeper and longer correction.
In the first scenario - "wave 3 of the 3d" - the resistance area and trendline outlined in the linked Related Idea should eventually be broken, and meaningful breakouts in the direction of the trend, including short-term ones, should sustain as this wave develops. This is because wave 3 of 3 typically maintains a strong momentum in the direction of the trend. Also in this first scenario, the longer term pitchfork's median, and the area between 1.2580 (September's top) and 1.2600 should hold. If this area fails, then the second scenario - extended 5th wave - should come into play. This should entail a much deeper and longer correction.
