1 hour
The alternative structure is that the GBP/USD is building a wave 4 (grey) within the downtrend.
This scenario is invalidated if price manages to break above the resistance trend line (red) and 61.8% Fib of wave 4 vs 3.
4 hour
The GBP/USD is testing the resistance trend line (red). A bullish break should start a wave 2 (red) correction whereas a bearish bounce could still indicate the continuation of wave 5 of wave 1 (red).
Origin: Admiral Markets
