My long term view of GBP/USD is, that a major B wave triangle is developing. A triangle is made up of five smaller waves a-b-c-d-e. It's still not confirmed, but we could have seen the end of wave d at 1.6442 and the final wave e is developing towards the downside and should at least reach 1.5854 (the bottom of wave iv of c). Once wave e is over, it's my expectation to see a major rally towards 1.90 over many months.
There is nothing new here. I still like the possibility of a triangle developing. We have likely just seen the bottom of wave b of the triangle and should now see wave c move higher towards the 1,362 - 1375 area before a new decline in wave d sets in.
That said, the logical alternative Count is, that we are in a flat correction call an impulsive rally in wave c higher towards the 1,460 -1,488 area before a new impulsive decline to below 1,188 begins.
