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The pair can stay in the channel and have a big move down because of the uncertainty of the election and the political situation in GB. It can move down to the 139-138 area which coincides with the 70%-78% fibonacci levels of the last move upwards, the trend zone support and support zone to trigger a long position
Political uncertainty can move the pair down during election day in GB to the 1.245-1.24 area (watch out for fakeouts). This would retest the broken trendline resistance (light blue) and also tests the trend support zone (light green zone).
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...
if the pair stays below the trend line support or if it retraces back up and stays below the trend line resistance, a short position can be entered
or if price breaks below support zone and then retouches support/resistance zone a short position can be entered
target is the next lower support zone
If the price closes below the trendline on the 4h timeframe, the pair could move down towards the next support zone (TP1) and even further to the 38.2 fibonacci retracement which is also another support zone