GBPUSD has exhibited a textbook rejection from a key resistance zone, confirming the completion of the impulsive Wave 5 structure. This marks the beginning of a classic Elliott Wave ABC corrective phase, with price action now shifting in favor of the bears. The sharp rejection from the highs reinforces the bearish narrative, suggesting a move toward the horizontal support area is highly probable. Momentum is tilting downward, and as long as the recent high holds, the pair remains under bearish pressure, offering potential short setups on lower timeframes.
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