potential GBPUSD long position after election results
During the day of the election in GB, the pair could retrace because of uncertainty of the outcome of the election. It could retrace to the 1.27 zone which would be 50% fib from the whole past move upwards as well as the 38.2% fib from elliot wave 3. This wave 4 would be a similar consolidation pattern as wave 2 and wave 4 would also be in the zone of wave 1 but stays above. A trendline could be retested and become a trend line support. Therefore, the circled zone can trigger a long position after election results are out and certainty of GB's parliament and political direction is reached. Also wave 5.
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