The GBP/USD is showing very strong bearish momentum. A bearish continuation is likely to aim for the 1.20 round level.
The GBP/USD is pulling the 21 ema zone away from the 144 ema. Also, swat.MOMENTUM (pink/purple) have appeared and confirm the impulse. This is likely to create a bearish wave 3 (purple). The current pullback is therefore probably a wave 4 (purple). This remains valid as long as price stays below the 144 ema and Wizz 6 level. A break above it invalidates (red x) the bearish outlook.
A bearish pullback and breakout could confirm (green check) the continuation towards the Wizz 8 target and 1.20 round level. This support zone could in turn create a large bullish bounce (green arrow).
