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GBP/JPY Outlook

The currency is moving upward in a 5-wave pattern within an ascending channel. It seems that we are in the middle of the 5th wave and taking into account the PRZ area of the Bearish Crab pattern, shorting the Cable will be extremely juicy with very little risk as we approach the Fibonacci cluster shown in the chart.

Disclosure: I have no positions in any stocks mentioned, but may initiate a short position in FXB over the next 72 hours.

Stocks: FXB