4 hour
The GBP/USD bearish breakout below support (dotted blue) has been short lived so far.
A continuation below 1.26 could see a further bearish extension towards the Fib targets of wave 3 (blue).
1 hour
The GBP/USD is in a potential wave 4 (grey) which is invalidated if price manages to break above the bottom of wave 1 (grey) indicated by the resistance trend line (red). A break below support (green) could see the continuation of wave 3 (orange).
Origin: Admiral Markets
