The GBP/USD is at a key decision zone for a bullish break or bearish bounce. Price is either building an expanded WXY (purple) correction or a full downtrend. The key level is the 138.2% Fibonaccilevel. A bearish break indicates a downtrend whereas a bullish break above the resistance trend lines indicates a larger correction.
The GBP/USD could have completed a bullish ABC (orange) within wave 4 (green) but the price action is volatile due the Brexit news. The GBP/USD needs to break the neck line (blue) before a bearish breakout is possible.
