GBPUSD made a nice five-wave drop, down from 1.335 level and with it a nice break below the 1.3200 level, where the lower channel line sits. This break and its five-wave drop form the highs can be an early evidence of a change in trend, in minimum three legs. That being said, we also know that after a five-wave movement fully unfolds, that is when a new temporary pullback may follow, and in our case this can already be the case, where we see legs a and b showing up. Once wave b unravels, that is when final wave c may take price towards the potential 1.3205/1.326 region, where resistance and more weakness can be seen.
GBPUSD, 1h
