To put it in a few words, the structure that could have played out as a reversal moment, consolidated instead as a daily flag, confirming one last movement to the upside, before the short trade we were looking for. It is still unclear if this is an "abc" correction in a regular flat, and the pair is now double topping, or if the pair is forming an expanding flat, and the price will break the previous top at 1.366.
Now it becomes clearer, however, that in the medium picture OANDA:GBPUSD is going to go for one more leg to the upside, before the bigger drop to the downside, making it a 5 wave correction to the upside on the .
What matters to us now, however, as we are trading step by step on the daily, is that the next expected movement with an excellent profit potential is to the downside ("C" leg of the potential correction). From this moment onwards, therefore, we will be definitely looking for sell setups, also because the weekly upside correction is already completed with it's third wave and is not necessarily going to go for a 5th wave, giving us also a chance that the pair might just drop for the bigger movement. The chances for this are slim, however, and most probably the 5th leg up will happen. In any case, this won't stop us from taking the short trade now, then when the price reaches the lower weekly (in pink), we will see.
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