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GBPUSD is making a new leg down which can be seen now as a wave 5-circled final leg within the extended black wave III. It is likely headed down to 261.8% Fibonacci extension target of the blue wave one measured of blue wave two high. This projected price is at 1.3600 and we expect it to be touched, before we may expect a corrective bounce; up into wave IV.

GBPUSD, Daily

gbpusd d

On the lower time frame, Cable found some support in the last few sessions near 1.3850 where wave 3) may finally completed its extended structure from 1.4580. That said, we expect to see a deeper corrective bounce up in red wave 4); possibly even back to 1.4050-1.4100 area where bears could step in play once again for a final push down, into wave 5).

GBPUSD, 4H

GBPUSD 4 (1)