Dec 5th – GBPUSD

If you recall, I pointed to a Positive Reversal in the daily several weeks ago, and two of our bullish count have not been invalidated. So that reminds us of the bullish chances. However, the rally attempt from 1.2616 has not proven itself as a Motive wave yet. It could easily start falling from current levels. Plus, even if it were to prove itself and take the high of wave 5, it could still be a double zigzag to fit better into the more bearish long term count. So no action steps for us here…