4 hour
The GBP/USD bullish channel (blue lines) has broken resistance of the bearish channel (dotted orange) but horizontal resistance and the Fibonacci levels of wave 4 (orange) still could turn price back down. A break above the 61.8% Fib makes a wave 4 less likely.
1 hour
The GBP/USD bearish break below the bullish channel (blue) could indicate the completion of wave 4 (orange) and the continuation of the downtrend.
4 hour
1 hour
Origin: Admiral Markets
