GBP/USD made a bullish bounce at the support trend line (blue) near 1.2950 as expected. The bullish bounce could indicate the end of the wave 1 (blue) and the start of wave 2 retracement.
GBP/USD could make a bullish correctionback towards the Fibonacci retracement levels of wave 2 vs 1 unless price manages to break below the support trend line. Price is expected to bounce at the Fib levels without breaking above the top (100% Fib level).
GBP/USD seems to have completed 5 waves (blue) within wave 1 (purple) and could be ready for a wave 2 (purple) if price manages to break above the resistance trend line (red) and if it stays above 1.2950 support.
