the GBP/USD is showing bearish price action at the moment. Price is likely to fall towards the 50-61.8-78.6% Fibonacci support levels, which are new bounce or break decision zones. Ps. do not forget to check out our upcoming 4x Forex seminars on trading in Europe!
The GBP/USD could be completing a wave B (green) if price manages to make a bullish bounce at the Fibonacci support levels. A break below the bottom and 100% Fib could, however, invalid the bullish ABC (green) wave pattern.
The GBP/USD is expected to make at least one more lower low which could be finishing a final wave 5 (brown) of wave C (orange). The Fibonacci retracement levels are key support zones.