Finally, GBPUSD turned sharply to the upside yesterday from 1.4080 where pair completed a wedge pattern down in red wave 5) that predicted a bullish turn before it happened. So far, this was a strong reaction higher with nearly 160 pips on intraday level which looks like a small impulse. As such, we assume it's wave A) as part of a minimum three wave rise. That said, we expect to see more gains ahead, possibly up to around 1.4342-1.4445 area in days ahead. Once this zone is achieved we again may turn bearish for big wave 5 down.
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GBPUSD, 4H
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GBPUSD, 4H
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