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GBPUSD Is Trading Higher, Resistance At 61.8% Fibonacci Level

GBPUSD is trading higher at the moment, but rally may not last long if we consider a five wave decline from 1.5930 which suggests that larger trend is down. As such, current recovery is likely temporary so it's expected to be limited around the current trendline resistance, and at 50-61.8% Fibonacci levels. Notice that recovery from 1.5326 is also overlapping, thus corrective so bearish reversal may follow soon. We however need a decline back beneath 1.5447 to confirm lower prices towards 1.5326 and then even back to 1.5180.
GBPUSD 4h Elliott Wave Analysis

gbpusd elliott wave

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