The GBP/USD is expected to move up higher as part of a wave C but only after it completes a bearish wave B (green) first. Price is expected to bounce at the 50 or 61.8% Fibonacci retracement level of wave B vs A for a bullish bounce and continuation towards the 50% Fib of wave 4 vs 3.
The GBP/USD is probably building a bearish ABC (orange) within the wave B (green) of the larger bullish ABC (green). Price seems to have completed a bullish wave C (brown) in wave B (orange) at the 61.8% Fibonacci and might bow be ready for a move lower to complete wave C (orange).
