(Click on the pictures to enlarge)The powerfull minor wave (pink) iii of (red) iii is just about to begin. This move should bring us closer to the double top neckline at 146.68.
The bigger picture clearly shows that wave B has ended at we are now in the early starges of wave C, which will be a five wave downmove to below the bottom of wave A at 118.78.
I will sell GBP and buy JPY here at 153.40 with a strategic stop at just above 155.50 (155.65). I will consider taking profit near 146.68, but will let form and time guide me.
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