The GBP/USD remains in a bullish channel, which is indicated by the red and green trend lines, but price is unable to break above the resistance top (orange line). Price remains in a “grey” and indecisive area.
The USD/JPY wave count has been changed from an ABC to a 123 pattern (brown) due to the recent steep decline that has taken price down to the 261.8% Fibonacci target (wave 3 vs 1). Such an extended move is typical for a wave 3.
Please note that the update is posted with permission from Admiral Markets
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