4 hour
The GBP/USD has been unable to break above the resistance (red) of the uptrend channel (red/green).
A bullish break could see price move towards the Fibonacci targets of wave 5 (purple) whereas a bearish break could start a reversal.
1 hour
The GBP/USD seems is building a bearish retracement within a potential wave 4 (grey), which would become invalidated if price manages to break below the 61.8% Fibonacci level of wave 4 (grey).
Origin: Admiral Markets
