4 hour
The GBP/USD remains at the 61.8% Fibonacci level of wave 4 (purple).
The consolidation zone could indicate a potential reversal or a sideways zone for a new bullish breakout towards the 78.6% Fibonacci level.
1 hour
The GBP/USD retracement is a bull flag chart pattern which has reached the 38.2% Fibonacci retracement level at 1.2750. A break below the 61.8% Fibonacci level invalidates wave 4 (purple) where a break above the bull flag (red) could see a wave 5 (purple) develop.
Origin: Admiral Markets
