The GBP/USD seems to be building multiple ABC zigzag patterns (green) which could indicate a potential leading diagonal within wave 1 (purple). For the moment bearish momentum is dominating the chart and a break below the 100% Fibonacci level could indicate a continuation towards the next Fibonacci targets.
The GBP/USD bearish breakout made the previous wave 4 pattern unlikely. The current wave outlook favors a bearish count with a potential wave 5 (dark red) within wave 3 (orange) if price manages to break below the support trend line (blue).
