The GBP/USD remains choppy and is unable to break above and below the support (blue) and resistance (red) trend lines. A breakout is needed before a larger directional move can be expected, although a bullish breakout still faces resistance from the Fibonacci levels of wave 2 (orange).
The GBP/USD completed the ABC zigzag correction (green) as expected in yesterday’s analysis. The next wave depends on the breakout direction. The main scenario is probably that the wave Y (brown) sees price extend sideways.
Origin: Admiral Markets