1 hour
The GBP/USD has many support layers below it and could complete an ABC (grey) correction at support.
A break of resistance (orange/red) could indicate the continuation of the uptrend whereas a break below support could indicate a larger wave C (grey) correction towards the Fibonacci targets.
4 hour
The GBP/USD seems to be building a falling wedge chart pattern (green/yellow lines). Price is now testing the support of that wedge. The corrective chart pattern fits within the larger wave 4 (blue) correction.
Origin: Admiral Markets
