The GBP/USD made another low but closed and reversed after reaching 1.31. The GU showed strong bullish momentum as it broke above the resistance trend line which could indicate a larger bullish move.
The GBP/USD might have completed a potential wave 5 of a larger wave 1, which could kick off a larger bullish correction in wave 2.
The GBP/USD bullish correction could develop via a wave 1-2 (purple) pattern. The wave 2 is invalidated if price breaks below the bottom of wave 2 (the 100% Fibonacci level).
