4 hour
The GBP/USD is still undecided about a bearish or bullish direction and could still go both ways. The two main scenarios are: a bearish ABC (green) or a wave 123 (green) is taking place. Price invalidates that wave 4 (orange) correction if price breaks above the resistance trend line (yellow). A break below the support trend line (blue) increases the chance of a bearish break within wave 5 (orange).
1 hour
The GBP/USD bounced at the support trend line (blue) and could either be building a wave 1—2 pattern (brown) or an ABC corrective wave (grey). The wave (brown) is invalidated if price breaks above the 100% Fib level.
4 hour
1 hour
Origin: Admiral Markets
