Here we have a 5 wave structure. and the price action is rallying off from the support level. As it did in the previous it created the Y wave and now its time for the X wave to complete. Also notice the RSI bullish divergence, its certainly a good indication for a bullish bias. I am expecting Gbpusd to reach 1.5300 easily. Later on then I will think about the Z but not sure about that now.