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Wavestructure

Still short on GBPUSDPossible 5 wave or ABC structure forming. In case of it being a 5 wave structure, the 3rd wave just got started. This tends to be the longest wave. Strong supports and take profits at confluence of fibonaccis: ≈ 1.2800 which has already been tested ≈ 1.2723 which could start the correction of the possible 3rd wave of the 5 wave structure ≈ 1.2636 which would be the end of wave 5 and 100% extension of wave 1. There's a lot of ground to cover so I think it's good idea to take profit at support levels and maybe trade a retracement of the waves, wait for correction, and be positioned for a further breakout.
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by iSummer