We have concentrated closely on the GBPUSD recently because we are expecting a fast decline to 1.8500 over the next few months. “The rally from 1.9361 is wave C within the A-B-C advance from 1.9337. Wave C should divide into 5 waves and 5 waves can be counted from 1.9361. As such, a major top may be in place at 2.0396.”
The rally to 2.0271 may be wave ii within the 5 wave decline that began at 2.0396. Risk can be moved to 2.0271.