The GBP/USD is moving lower as part of a waveB (blue) and price is expected to use the Fibonacci levels of wave B vs A as a potential support and bouncing spot. A break below the 100% Fib invalidates the bullish ABC zigzag.
The GBP/USD is expected to build an ABC zigzag wave pattern back to theFibonacci levels of wave B vs Awhich in turn could act as a support zone. Price could build an expanded WXY correction after completing the ABC within wave B (blue). A bullish breakout above the resistance trend line (red) indicates more upside.
