We have seen a five-wave intra-day rally on GBP/USD, which suggests price turning into the bullish direction. We know that after a five-wave rise unfolds, a temporary pullback may show up, in our case this was in an a-b-c move. We also see the price now on GBP/USD at Fib. ratio of 50.0 at 1.218 level, from where new recovery may show up. That said, we would need a break above the 1.228 level to confirm further upside.
GBP/USD, 1h
GBP/JPY, as well as GBP/USD, made a five-wave recovery from the 129.39 low, which indicates a bullish market in sessions ahead. Here we can see that price made an a-b-c pullback which stopped at the 38.2 Fib. ratio, from where new rise started developing. That said, here we would like to see a rise above the 133.16 level for a confirmation that bulls are here.
GBP/JPY, 1h
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