The GBP/USD is unable to break above the resistance at 1.36 or below the support zone at 1.35. The downtrend is still valid and a bearish breakout could price fall towards the Fibonacci targets of wave 5 (purple). A bullish break above that resistance would indicate the completion of wave 1 (pink) and the start of wave 2.
The GBP/USD made a bearish bounce at the38.2% Fibonacci level of wave 4 (green) and broke below the support trend line (dotted green). This breakout could have completed the wave 5 (green) but a continuation of the downtrend towards the Fibonacci targets of wave 5 (green) is also possible if price breaks below the previous bottom (green).A break above the 61.8% Fibonacci retracement level could indicate the potential end of the downtrend.
