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There's a possible bullish Wolfe Wave formation in GBP/USD. The price has almost achieved 1-3 Line, which is enough to consider the pattern finished. However, we should be ready to see a further decline towards 1-3 Line, which could act as support. Thus, this significant bullish opportunity requires confirmation such as an upward pullback towards upcoming wave 6.
Additionally, we should watch the last local high 1.2524 as a confirmation level for the bullish outlook. 2-4 Line is also an important level; if the price goes through it, the scenario will be eventually confirmed. The main bullish target is 1-4 Line and the 0.618 retracement level of the last decline at 1.3506. The subsequent pullback from these levels could lead to another dramatic bearish decline.
The bottom line is that GBP/USD has a significant bullish opportunity which requires confirmation. 1.2524 is far away from the current price, so we should wait for a local upward pullback from 1-3 Line at least. If this pullback arrives, there'll be more evidence for this scenario.
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