4 hour
The GBP/USD is moving higher in an uptrend channel which is indicated by the support (green) and resistance (red) trend lines.
A bullish break could see price move towards the Fibonacci targets of wave 5 (purple) whereas a bearish break could start a reversal.
1 hour
The GBP/USD tested the previous top (green) of wave 1 (grey) but did not break and therefore the wave 4 (grey) could still be valid. A break above resistance (orange) could see a bullish break for wave 5 (grey).
Origin: Admiral Markets
