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GBPUSD has extended higher in the last two weeks after breaking the trend-line that connected from above 1.6300.

As such, we labeled the recent big fall as a completed five wave fall in wave I, followed by a corrective bounce which we think is wave II.

With that said, recovery from the lows is just temporary so we must be aware of a new sell-off once pair breaks through the lower support line of a corrective channel.

Close somewhere around 1.5050 or lower would suggest that rally is done and weakness underway.

GBPUSD Elliott Wave Analysis Technical Bearish View April 22 2013

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