During the day of the election in GB
, the pair could retrace because of uncertainty of the outcome of the election. It could retrace to the 1.27 zone which would be 50% fib from the whole past move upwards as well as the 38.2% fib from elliot wave
3. This wave 4 would be a similar consolidation pattern as wave 2 and wave 4 would also be in the zone of wave 1 but stays above. A trendline
could be retested and become a trend line
support. Therefore, the circled zone can trigger a long position after election results are out and certainty of GB's parliament and political direction is reached. Also wave 5.