The count that I am working with near term treats the rally from 1.35 to 1.4990 as wave A of a flat (flats have subwaves 3-3-5). B waves of flats retrace a significant portion of wave A, sometimes retracing more than 100% of wave A (in the case of an expanded flat). Downside pressure is mounting and the GBPUSD is testing 1.40 support yet again. A drop below could lead to a fast decline into 1.38.
