Wait for retracement and LONG GBPUSD , Potential Butterfly

Currently GBPUSD reached a position with lots of resistence on the left , and probably after a almost V shaped rally , a retracement is nessesary.
1, Looking at potential LONG position around 1.54 which will retest the downward trend lines and it is also 0.618 of the rally starting from C.
2, Potential Butterfly ,target at 1.27 of XA ,around 1.58052, which is also at top of the consolidation region. (see structure on the left)

Yorum:

As expected, GBPUSD undergoing retracement , wait patentially for the long entry point.