If there is any pair out there that shows nice structure against the buck, then this is GBPUSD. Notice that pair has only three waves down from 1.2673 high to 1.2300 area. That’s a clear contra-trend move which appears complete now following recent impulsive reaction above upper trendline. However, we still do not see all needed five waves up from the low, but it appears that small consolidation now around 1.2500 is fourth wave. If we are on the right track then this pair is going back to 1.2673, so our eye will be on red wave 2) pullback thisweek to join the trend.
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