GBP/USD Bullish Reversal At 78.6% Fib Retracement

If the current wave outlook is correct, the GBP/USD is expected to move higher and complete a bullish swing within wave C (green). The current ABC (green) zigzag is invalidated if price breaks below the 100% Fibonacci retracement level whereas a break above the resistance trend lines (red) would make a move up more likely. The upside target is for the moment the 50% Fib of wave 4 vs 3.

The GBP/USD is moving sideways for the moment, which is probably caused by the fact that Thursday was a national holiday in the US and Friday has a large news event. Price will probably move the most when the NFP event takes place. The current wave pattern suggests that the wave C (orange) of wave B (green) has been completed at the recent low and 78.6% Fibonacci level.