GBP/USD is trading sideways since start of March and shows three waves in each leg so looks like that pair can be trapped in a triangle formation, making black wave IV. This is a five wave pattern, labeled as A-B-C-D-E in contracting shape. It's a very powerful structure that occurs in the direction of a trend. Well, based on recent strong leg up to 1.4347 we suspect that wave C-circled is underway, but again upside will be limited near 1.4400 area; at some powerful Fibonacci levels. That said, we would not be surprised if pair will turn down into wave D till the end of the week.
GBP/USD, 4H
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