GBPUSD: BREAKOUT! But be cautious...STOP Sign Up Ahead!

Yes, this pair has given me FITS the past couple of weeks! If you have been following my posts on this pair, you'd know I've had to eat humble pie on so many of my posts and trades on GBPUSD! But now I think it is clear what is happening and how this is going to unfold. I'll do a more in-depth analysis on this pair soon but for now I want to leave you with some idea of what I think is going to happen soon.

4Hr CHART Wave Count & POTENTIAL Bat Pattern
This bat has been in my sights for weeks now and prices are finally showing signs that it will move on up the CD leg. By my wave count, it is now well into the wave 1 of a 5 wave movement of the large wave C of the ABC correction. Wave C should be a nice LONG ride up!

CONCLUSION AND MY TRADE PLAN
I'm already in LONG on this pair and have been holding those LONG positions for WEEKS now! But currently, wave 1 of the 5 wave up move in wave C should be coming to a close very soon probably near the minor structure level straight ahead. After that, wave 2 should commence and wave 2's have the ability to retrace all of wave 1 so be careful! Of course, the big "prize" is to catch the beginning of the ensuing wave 3 up. I'll be keeping a close eye on that happening. For now, I'm just holding my LONG positions and not adding any more. I'll wait for the wave 2 to begin to MAYBE take some SHORT positions but really, I'm waiting for that darn wave 3!