GBP/USD: pound won't catch falling knives
On the GBP/USD daily chart, the target 224% of the senior AB=CD pattern and the target 224% of the "Deep-Sea Crab"pattern. In this case, it is very dangerous to open long positions.
On the GBP/USD hourly chart, the formation of the last descending wave has been finished. The risistance lines are located at the 38.2%, 50% and 61.8% Fibonacci retracement levels, the level of 23.6% serves as a support line. For the correction the "bulls" have to consolidate above the 1.2575 level, and then return to the descending trade channel. Until this moment, the "bears" will continue to control the market.