GBP/USD rallied up to 1.3480 area four weeks ago and confirmed a bullish turn on this pair as we can count clear five waves up from 1.2800 low. We know that five wave move shows direction of a trend so more gains are expected to come after any corrective retracement. Based on recent news, GBP/USD dropped sharply last week suggesting that we could be dealing with a flat retracement that is now in final stages within red wave C). That said new turning point can still be in play in sessions ahead, ideally from around the 78.6 Fibonacci ratio.
GBP/USD, 4H
