The British pound/U.S. dollar (GBP/USD) currency pair is in recovery mode since March of this year when the pair accomplished an extended five wave drop down in wave III. We know that after a very powerful leg, the market will make a corrective retracement which will either be simple or complex. In our case we think it's something more complex in wave IV, ideally a flat correction, now already in blue wave C that may reach above 1.4770 area, before turning to the downside.
On the lower time frames, The British pound/U.S. dollar (GBP/USD) currency pair is turning significantly higher, now above 1.4500 with impulsive price action from 1.4000 psychological region so we see more gains coming now as the decline from the May high was made by three waves. It was a zigzag with an extended wave C) that accomplished blue wave B correction. As such, current upward reaction is then wave C, final leg of a big wave IV that can be looking for a reversal down once 1.4765 is broken. Ideally, bears will step in from around 1.4850-1.4900 area.