GBPUSD is expected to move lower from current levels. Trend remains bearish as price continues to make lower lows and lower highs. Our view is that price is inside a corrective wave that should at least make a move below 1.29
Green lines- bearish channel
Price is still holding above the 38% Fibonacci retracement confirming the importance of this support level. Price is still inside a bearish channel and we should soon see a rejection. GBPUSD could be forming something more complex than a textbook A-B-C correction. Only time will tell.