Time to Sell GBPUSD

[B]My picks:[/B] limit order to sell GBPUSD at 1.6450, stop at 1.6760, targeting a break of 1.5800
[B]Expertise:[/B] Technical
[B]Average Time Frame of Trades:[/B]

I’ve written recently that “the rally from 1.5800 counts best as a 3 wave rally and 3 wave rallies occur in B or X wave positions, diagonals, and triangles. All of these are possible right now. The decline from 1.6750 can be counted as a 5 (impulse), which favors the expanded flat count in which the GBPUSD will eventually drop below 1.5800. In this case, the leg lower from 1.6750 would be wave i or a (complex). There is the risk of a rally back to at least 1.6300 in order to correct the decline from 1.6750 (RSI divergence favors this interpretation).” After dipping below 1.6000 yesterday, the GBPUSD has rallied back to 1.6300. This is the beginning of the Fibonacci resistance zone (38.2% of decline from 1.6750) as well as structural resistance (former 4th). Fibonacci resistance extends to 1.6450.