For GBPUSD we seem to be in a new uptrend with 5 major waves expected to the upside.
Within that 5 expected waves up we are currently completing its Major Wave 1. Within that Major Wave 1 we are still in its Minor Wave 1 which should be ending real soon after another push up. After that small push up, we should see a deep retracement down for Minor Wave 2 before the massive bullish move up for Minor Wave 3. All this is within the context of Major Wave 1.