GBPUSD proceeds towards 1.1970 as Wave C resumes from 1.2670

GBPUSD might have just entered the last leg within the proposed A-B-C corrective drop against 1.2800 handle. The counts are pretty much clear here. GBPUSD drop between 1.2800 through 1.2250 as Wave A, the subsequent rally towards 1.2670 as Wave B and since Wave C underway since then. Wave B managed to terminate just above the fibonacci 0.618 retracement of Wave A, seen around 1.2600 mark. If the above counts hold well, GBPUSD should remain below 1.2670 and proceed lower towards 1.1970 as Wave C progresses. A potential zigzag could be underway towards 1.1900 handle.

Strategy:

Short against 1.2800, targeting 1.1900

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