Daily chart:
The GBP/USD broke below the support trend line (dotted blue), which invalidates last week’s wave 4 structure and indicates a bearish momentum. This could be either part of a wave 3 or wave C (green).
Weekly chart:
The GBP/USD broke above the resistance trend line (dotted brown) but was not able to break above the 61.8% Fib and the bottom of wave 1 (orange line). For the moment the bearish wave 4 (blue) is still valid.
Monthly chart:
The GBP/USD is testing a larger support trend line (blue). A bearish breakout could indicate the continuation of the wave C (purple).
Daily chart
Weekly chart
Monthly chart
Origin: Admiral Markets
