GBPUSD is trading sideways since start of March and shows three waves in each leg so looks like that pair can be trapped in a triangle formation, making black wave IV. This is a five wave pattern, labeled as A-B-C-D-E in contracting shape. It's a very powerful structure that occurs in the direction of a trend. Well, based on recent strong leg up to 1.4347 we suspect that wave C-circled can still be in play, but again upside will be limited then near 1.4350-1.4400 area. If we are correct, then pair will turn down into wave D later at the end of the week.
GBPUSD, 4H
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