The GBP/USD made a bullish bounce at the support zone (green), which seems to confirm the expected ABCDE (purple) triangle pattern.
The GBP/USD is now testing the Fibonacci retracement levels of wave E vs D. A bullish bounce could move up as long as it stays below the 100% Fib otherwise the triangle pattern is invalidated. The triangle seems to be part of a larger wave 4 (pink).
The GBP/USD bearish breakout could confirm a potential bearish wave 5 (purple).
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