The GBP/USD bearish momentum broke support yet again. The impulse has now pushed below 1.3750 support and could extend its fall towards the Fibonacci targets within the wave 5 (purple). Price remains in larger bearish wave 1 as long as price stays below the resistance trend lines.
The GBP/USD is probably completing a wave 4 (green) correction and price could respect the Fib levels and make a bearish bounce and continuation towards the Fib targets of wave 5. A break above the 61.8% Fib invalidates the current wave 4.
