GBPUSD dominant trend remains in WEEKLY chart.
Since 7/10/2016 , it developed into a corrective 5-3-5 pattern EW .
1 - Wave-A developed into a 5-wave motive structure, ending at 1.27750
2 - Wave-B developed into a 3-wave internal correction ending at 1.19840
3 - Wave-C is initiating a probable 5-wave structure. This is expected to conclude as a motive wave.
-If price bounce from 1.2600 area, watch for long setups, target 1.272 Fib extension of (iv) wave (1.31670), possible last (v) wave.
-If price initiates a flag near 1.2600, watch for short setups, a possible break down and the start of next impulsive wave.
Trade with discipline
Watch for next impulsive 5th
Didn't get the break of the flag for a further drop.
Instead now it looks bullish.