GBP/USD has started Intermediate Wave (C) (golden) as per our previously posted analysis for the Bullish Minor A (blue).
Corrective Minor B (blue) is about to begin its Structure as pointed out by the present Main Bearish Divergence.
Minor A (blue) is about to complete its cycle, with Minute 5 (green) about to form its last local high, therefore waiting for the Secondary Bearish Divergence, which is most likely going to take place at the 24th Feb High, which makes it also a Double-Top.
Fibonacci Extensions from Minute iii & iv (green) are also pointing towards the 61.8% ratio for the end of Minute v (green).
GBP/USD will most likely retrace a 50-61.8% of its gains before it will continue with the newly created up-trend, therefore, the present trade is to be treated as short-term, after which, we will be looking to buy GBP/USD.
GBP/USD – Short:
Entry – 1.2530
SL – 1.2630
TP – 1.2250