GBPUSD "impulsive" interpretation
GBPUSD last leg higher reached the 161% extension (blue), which may indicate an "impulsive" move in progress. Assuming that the move is indeed impulsive, the median of the pitchfork should hold as its breakdown is likely to produce an overlap with a wave of higher degree at 1.19711 thus negating the "impulsive" interpretation. If the median does hold as support, the most likely scenario is an (a)-(b)-(c)-... triangle along the median.
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