GBPUSD Wave Analysis

GBPUSD made an impressive 5-Waved move to the upside.
Since then we got a big sell of 600 pips which also happened in 5 waves.
This wave can either be labelled wave A or Wave 1. We have to wait to see how the market develops.

Currently we are at the end of wave 2/B and are about to start wave 3/C.
We already got a nice entry at the 61,8% Fibonacci level which again acted as a good resistance.

So far no trend change happened in our timeframes and we are watching to market closely. Trade is already on BE, so nothing to loose.

We could still move much higher. This would then be a Wave B Flat or even extended correction before Wave C occurs.