4 hour
The GBP/USD bearish breakout below support (dotted blue) has not gained much bearish momentum as yet.
A continuation below 1.26 is needed before further bearish extension towards the Fib targets of wave 3 (blue) is possible.
1 hour
The GBP/USD completed a wave 4 and 5 (grey) yesterday and is now in a new potential wave 4 (orange). This wave is invalidated if price manages to break above the bottom of wave 1 (orange), which is indicated by the resistance trend line (red). A break below support (green) could see the continuation of wave 3 (blue).
Origin: Admiral Markets
