Hello fellow traders!
GBPUSD is looking bearish and can now be unfolding final stages of a sub-wave 3) of blue wave 1. We are observing minor leg 5 of 3) in progress, with possible support, and a turn into a corrective wave 4) around the Fibonacci ratio of 261.8 (1.235/1.223 region).
On the 4h chart of GBPUSD, we can see that price looks to have completed a corrective pullback of a lower degree in wave iv), up from 1.244 area with resistance at 1.258 level. Current drop is evidence that wave v) of a bigger, bearish structure is in progress, with projection target of 1.235/1.226 region.