Near term, staying below 1.4181 keeps the trend pointed down and the alternate (in which wave ii is complete at 1.4340) intact. A rally through there would negate the bearish bias and signal that price is most likely headed above 1.4340 and probably 1.4723 in order to complete an ending diagonal as wave C from 1.2454. Given the GBPUSD pattern, the bullish scenario is probable. There is short term support down to 1.3820.
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