The most probable pattern of wave 2 bottom @ 1.6000 is not that clear anymore and it looks like we got some more complex correction here due to the fact that there is not much of impulsive movement continuation at the moment. Nevertheless, I'm still more bullish on GBP/USD until proven otherwise, so I can expect more upside impulsive movement after this correcion will be over in shape of almight wave 3.
There are two possibilities of corrective wave development there: Running or Irregular Flats for example. Levels for this ideas are on chart.
Please use tight stops just below the rectangle area if You are planning to trader Running Flat
Entry:
Running Flats two levels on chart just as the orange rectangle shows:
Area 1 - 1.6090 - 1.6081, SL: Just below.
Area 2 - 1.6066 - 1.6060, SL Just below.
If that two levels are broken, wait for better R/R opportunity.
Take care,
Seb
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