The GBP/USD bearish momentum is now approaching deeper Fibonacci retracement levels, which could provide support for a bullish bounce.
The GBP/USD seems to be building an ABCDE (purple) triangle pattern but a break below the green line invalidates the triangle pattern. Price is expected to complete an ABC pattern within wave D (purple) before moving up for a wave E (purple).
The GBP/USD seems to have completed 5 bearish waves (green) which could be part of a wave A (blue). The bullish bounce will probably create an ABC zigzag pattern within wave B (blue) and price could make one more lower low to complete a wave D (purple) within a bigger ABCDE triangle.
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