The GBP/USD reversed sharply higher in the last few sessions, and successfully broke through the falling trend-line connected from the 1.5600 high. This suggests that first impulsive decline is complete, and that the market is in larger three wave corrective pull-back. Ideally, wave 2) could retrace back even to 1.5300, where wave four of a lesser degree can act as a resistance. The trend is changing from bearish to bullish mode at the moment, but this is only temporary. We will turn bearish after a completed three wave A-B-C rise.
GBPUSD 4h Elliott Wave Forecast