4 hour
The GBP/USD could be building a correction via a WXY (purple) wave pattern.
A break below the small channel (blue) would indicate the potential for price to retrace lower towards the 61.8% Fibonacci target of wave Y vs W.
1 hour
The GBP/USD is completing an ABC (grey) correction within wave X (purple) unless price manages to break above the channel, which could see price test the previous top and Fibonacci levels.
Origin: Admiral Markets