GBP/USD can be trading in a bigger three-wave recovery from the lows, with first wave A) already completed. We know a five-wave rally could suggest a change in trend, but in our case, we see this bigger three wave reversal as only temporary. Ideally the second wave B) is now in motion and can search for a base near the Fibonacci ratio of 61.8. From there a new five-wave movement into final wave C) can come in play.

GBP/USD, 1H