The GBP/USD tested and bounced at both the support (blue) and resistance (red) trend lines of the bullish trend channel. The price did not break below the channel; which is making a bullish continuation towards the Fibonacci levels, and this is the most likely scenario at the moment. A break below the channel could indicate the completion of the wave Ys at the recent high.
The GBP/USD seems to have finished 5 waves (dark red) within wave A (orange) and could be building a pullback within a wave B (orange). This wave B pattern could become invalidated if the price breaks below the bottom of wave B. A break above the resistance (orange) trend line could confirm a bullish breakout.This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.