4 hour
The GBP/USD broke above the resistance trend line (dotted yellow) which could spark the start of wave 5 (orange).
The Cable will however still need to break above the larger resistance trend line (red) before an uptrend has more space to develop.
1 hour
The GBP/USD could be building a 5 wave (purple) within a wave 1 (grey) of wave 5 (orange). Once price reaches the resistance (red) and targets of wave 5, price might make a retracement for a wave 2 before continuing the uptrend. The invalidation level is at the current bottom at around 1.2810.
Origin: Admiral Markets
