4 hour
The GBP/USD is building a bear flag pattern and testing the resistance trend line (red).
A bullish break should start a wave 2 (red) correction whereas a bearish break could still indicate the continuation of wave 5 of wave 1 (red).
1 hour
GBP/USD could be building bear flag chart pattern (orange/blue) within a wave 4 (grey). This scenario is invalidated if price manages to break above the top of the bear flag (orange line) and 50% Fib of wave 4 vs 3.
Origin: Admiral Markets