4 hour
The GBP/USD showed a bullish bounce at the key support trend line (blue), which indeed caused an expansion of wave 2 (blue) via an ABC zigzag (orange).
A bearish breakout could confirm wave 3 (red). The GBP/USD wave 2 is invalidated if price breaks above the 100% Fibonacci level.
1 hour
The ABC (orange) correction could continue above the resistance (red) if price manages to use the Fibonacci levels of wave 4 (grey) without breaking below the 61.8% Fibonacci level. The breakout would probably complete 5 waves (grey) within wave C (orange).
Origin: Admiral Markets
