The GBPUSD rally is unfolding as an impulse, which inspires confidence in our bullish bias that likely lasts for the next month and a half or so (see Pound Long Trade).
The drop from 1.9850 is most likely wave 4 within a 5 wave advance from 1.9452 (it could also be a second wave in a series of 1st and 2nd waves). Support is likely strong near 1.97 (38.2% and congestion).
STRATEGY: Bullish, against 1.9714, target above 2.04