Good morning traders,

GBPUSD pair can be ending a triangle correction within the wave B). Potential resistance/turning point area for leg E can be at the upper side of the upper triangle line at 1.34/1.36 zone, from where we can already see price sharply dropping. A sharp and decisive drop below the lower channel line, connected from the low of wave D would suggest a completed triangle, and further weakness.

On count #2 we labelled a flat correction. Both counts are bearish, so we are expecting a bearish turn in either case.

GBPUSD, Daily

GBPUSD, Daily (count #2)

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On the 4h chart of GBPUSD we see price unraveling a three-wave A-B-C correction, after the initial five-wave completed movement from the 1.351 highs. Possible resistance/bearish turn for the pair can be near the Fib. ratio of 50.0/61.8 (1.320/1.333 region).

GBPUSD, 4h