The GBP/USD showed strong bullish impulsive price action yesterday but ultimately bounced at the 38.2% Fibonacci retracement level of potential wave 4 (purple).
The GBP/USD bearish breakout below the support trend line (blue) could confirm the wave 4 pattern whereas a break above the 50% makes a bullish trend more likely.
The GBP/USD seems to have completed a wave 4-5 (green) yesterday which in turn completes a potential wave C (purple) of wave 4 (purple). A bullish continuation is possible and price could reach the 50% Fibonacci level before showing a new downtrend, which is way the break of the support is a key aspect of a bearish breakout
