4 hour
The GBPUSD currency pair broke below the support trend line (dotted blue) which seems to indicate the end of the wave 4 (blue) and the start of the wave 5 (blue). A bearish 5 wave (blue) pattern could complete a wave 1 (purple), which in turn is probably part of a larger wave 5 (pink). A break below the support trend line (blue) could confirm a downtrend continuation.
1 hour
The GBP/USD currency pair seems to be building a 5 wave (green) pattern within wave 5 (blue). The price is currently in a wave 3 (green) most likely. A retracement could be part of a wave 4 (green), as long as the price stays below the 50-61.8% Fibonacci levels. The main target could be around the round level of 1.30.
4 hour
1 hour
Origin: Admiral Markets
