If you use GPS heading and magnetic compass heading that brings you one step closer to getting wind speed and direction. This can be done be correcting for the difference between magnetic north and true north (also where GPS comes in handy), giving you the experienced direction. Now that you have the vector for true speed and direction and the experienced speed a.k.a. (airspeed) and direction of the the aircraft, gust subtract one from the other and you have an accurate wind speed and direction.
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