GBPUSD rallied up to 1.3480 area three weeks ago and confirmed a bullish turn on this pair as we can count clear five waves up from 1.2800 low. We know that five wave move shows direction of a trend so more gains are expected to come after any corrective retracement that can take place. Currently we see price trading higher from wave 2 or B lows, possibly in a new bullish cycle that had started to unfold in red wave 3). Our mentioned wave X) swing has been quite nicely breached, which could give us a nice confirmation sign that more upside could be in store. But nothing moves in straight lines, so we would need to be aware of minor corrective retracements.
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