On the intraday chart of GBP/USD we are observing a nice impulsive reaction taking place, from recent red wave 2) lows with price currently trading in black wave 2 as part of a higher degree impulsive cycle. That said wave 1 made a nice five wave development, and as we know after every five wave move a new three wave contra-trend movement may follows and in our case this is wave 2, with possible support seen around the 50.0 or 61.8 Fibonacci ratio, from where new gains may follow.
GBP/USD, 1H
