GBPUSD to bounce in Wave 2?

GBPUSD appears ready for a bounce higher. I'm rather unsure how far this should rise as I still expect dollar strength to be dominant. It might be worth while trading the British Pound against a weaker currency such as the Euro. Otherwise, not a bad hedge to lock in gains in dollar long positions.

*Update - May be a better buy against the Yen as the GBPJPY is only around 20 pips from it's 2008 low. May be a long term double bottom...