The GBP/USD downtrend should continue as long as price stays in the bearish channel (green/red). When the ‘Cable’ breaks support again, price could fall towards the Fibonacci targets in the upcoming trading weeks and retest the previous bottom (green line).
The GBP/USD has made a bearish turn at the Fibonacci levels of wave 4 (orange), which would become invalidated if price breaks above the 61.8% Fib. A breakout below the channel (green) could indicate a continuation of the wave 5 (orange).
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Origin: Admiral Markets