The GBP/USD bearish momentum is strong and price is most likely building a wave 1 (pink).Price seems to be finalizing a final bearish wave 5 (purple) within that wave 1 (pink) but eventually a bullish correction within wave 2 (pink) is probable.
The GBP/USD is probably showing a bearish continuation in the final wave 5 (pink) of wave 1 (pink). Price could show one more lower low and build a bearish wave 5 (blue). The 5th wave could become extended or make a bullish bounce, which is probably dependent on the GBP and USD news events later this week.
