The GBP/USD needs to break below the support trend line (blue) of the bull flag pattern, however, before a larger bearish move can be expected. The target of the downside are the Fibonacci levels of the wave B vs A, because a larger ABC (blue) zigzag pattern seems likely.

The GBP/USD seems to be building a bearish ABC (green) correction within the wave B (blue). A bearish breakout would confirm the start of the wave C (green) whereas a break above the wave B (green) and resistance line (red) of the bull flag channel could indicate more upside and test of the 1.2425-1.25 target area.

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