GBP/USD is also rising, now trading above the upper Elliott wave channel line, which is connected from 1.3177 high. The current rally from the 1.250 level can be strong evidence that a low for wave C/3 had been found, and that a change in trend, in minimum three legs is in progress. We labeled wave a/i, which can face possible resistance near the 1.2762 level, from where a minor pullback may follow.
GBP/USD, 4h
(Click on image to enlarge)
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