4 hour
The GBP/USD respected the 78.6% Fibonacci level of the WXY (purple) pattern.
A break below the small channel (blue) would indicate the potential for price to retrace lower towards the 61.8% Fibonacci target of wave Y vs W.
1 hour
The GBP/USD completed multiple ABC (green) corrections within wave X (purple). Price is now at a new bounce or break spot at the bottom of the channel.
Origin: Admiral Markets
