On the 4hr chart of GBP/USD we are observing a bearish structure at the moment that should unfold in three waves in black wave B. We see some nice support for this decline to come in around 1.2080 which can be triggered after current sub-wave B is finished.
An updated count shows a potential move up to 1.2500 resistance from where another sell-off may follow.
GBP/USD, 4H
