As months ago I did share the idea about GU https://www.tradingview.com/chart/GBPUSD... and its course has been developing into the downside up to now, and that means GU is actually still in a downward trend BUT WITH STRONG CORRECTION which means by a moving down, then it occurs with a strong moving up right after ( let's say as a joke that the Britten are proud of their currency and all for the " Kings and Fatherland" and bought when others sold...but in a globalized world ...traders sell it again...okay, enough for joking :) back to work:
The controversial things with GU lead me to the question, will GU now perform its downward trend further, or will it go to a corrective wave, which now is nearly at the end of B leg but also at the last possible level of impulsive wave 2 ?
In fundamental and sentimental points of view let's say that if GU would reach the B leg ( in green) at 1.287xx and break up that level to reach its extension at 1.406xx, then the politic economy in England next year should be clearer with the administrative works with Brexit and the coming referendum in Italy would be with the same result like Brexit, because it will prove that the referendum in England was not as a mistake and moreover in 2017 Mr. Trump cannot really perform as he said or performs as he said but will cause great dis-resonance with the world politics and economy. Alternatively it would be quite worst, in which Italy stays with EU, England and EU have no idea how to "divorce" legally and Trump would make great things and...I think a fifth wave at D1 is waiting for cable.
This post is just as my sharing for an overview and take it for your reference only about its range levels, and there is no trading recommendation.