1 hour
The GBP/USD is probably building an ABC (grey) correction within wave X (purple) unless price manages to break above 1.3080.
In that case price could be very impulsive and the wave structure is vulnerable to a change.
4 hour
The GBP/USD could be extending its correction via a WXY (purple). The Fibonacci levels of wave X vs W are therefore potential resistance spots for a bearish bounce.
Origin: Admiral Markets
