Play with GBP now is risky because there are so many concern about Brexit until 25 Dec (deadline to finalize Brexit plan).
The highly concern may form a consolidation in form of ending price action, then drop down @25Dec.
Let's observe to see how price react with this event.
The current correction is moving slowly and spending more time than previous impulse. So, I can define the current wave is a corrective one.
The price action moves nearby the top of wave 1, the favorite zone to buy with low RR.
Idea: Waiting for breaking of correction channel to buy OR buy right now and put a stop loss some pips bellow peak of wave 1.
The first impulse made a higher high, so we can assume that new trend had begun.
The correction followed by a ZZ in the form of AB=CD. Price should finish 5 waves of C and test bottom again before going up a huge 5 waves.....
Looking for long positions for next coming months and years is my trading direction for this pair!
We are likely at wave C of a deep correction ABC in 1D chart.
The current wave C still in development. so, short wave 5 is also a good opportunity now. However, a big moving up wave should be the main target. Let's how it develop at the level of AB=CD (around 1.01).
We are in correction after Brexit, price may make a complex correction there. So, short is better than long in this case. I will wait for a clear bear channel before selling and also setting a TP in range.